Nigeria to Host Annual Meeting of the Common Fund for Commodities November 23-24 in Abuja

Nigeria to Host Annual Meeting of the Common Fund for Commodities November 23-24 in Abuja

WHO: The Government of the Federal Republic of Nigeria and the Common Fund for Commodities (CFC).
WHAT: 22nd Annual Governing Council Meeting 2010
WHEN: 23-24 November 2010.
WHERE: Nicon Luxury Hotel, Abuja.
BACKGROUND: The Common Fund for Commodities, an international financial institution established by the United Nations, will hold its 22nd Annual Governing Council Meeting 2010 in Abuja, at the official invitation of the Government of the Federal Republic of Nigeria.

Nigeria is one of the founding members of the Common Fund in 1989. Last year, CFC marked its 20th year anniversary and Nigeria requested to host this year's annual meeting in Abuja, as part of the country's 50th Independence Anniversary activities. The Governing Council is the highest decision-making body within the institutional structure of the Amsterdam-based Common Fund, which finances commodity development projects for smallholder farmers, as well as small and medium sized enterprises in commodity production, processing and trade in developing and least developed countries.

Senior officials in the Federal Ministry of Commerce and Industry are coordinating the hosting activities and arrangements for the meeting and His Excellency, Vice President Namadi Sambo is expected to open the meeting, on behalf of the host country.

The Common Fund has financed a range of important commodity development projects in the country, and throughout the West Africa region. Furthermore, CFC has been a contributing partner in Nigeria's commodities sector, as the country gradually has concentrated more in 2 developing the non-oil sector of its economy.

As a member-country, Nigeria has played a key role in the Fund's regional cooperation initiatives that have had positive outcomes in employment generation, food security and poverty eradication; while enabling local commodity producers to become integrated in the global economy and increasing the asset base, especially for smallholder producers.

This article was originally posted on Nigeria Business Communities

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