The Federal Government will soon establish a N57.5 billion Agricultural Commodity Exchange Market (ACCOMEX), Dr. Sayyadi Ruma, the Minister of Agriculture and Water Resources has said.

The minister told the News Agency of Nigeria (NAN) in Abuja at the weekend that the market was aimed at re-engineering the operations of Abuja Commodity Exchange Market to facilitate trading in agricultural produce.

He said the market would also assist in establishing the right regulatory environment that would facilitate the operations of Abuja Commodity Exchange Market.

He said that ACCOMDEX was aimed at achieving an efficient marketing and price information system to increase income from agricultural produce to a yearly rate of 15 per cent from 2010 to 2012.

He said that ACCOMDEX would also facilitate agricultural trade and reduce or eliminate barriers militating trading in agricultural produce.

To enhance the movement of perishable agricultural produce across state boundaries, Ruma said the ministry would liaise with the Nigerian Customs Service, the Nigeria Police and the quarantine services to reduce the number of check-points along the roads.

He said that the ministry would also train officials of Nigerian enterprises involved in export business in international quality standard.

Meanwhile, Nigeria and the United Arab Emirates (UAE) are to partner on agro-industrial parks' development to promote bilateral trade and investments in agriculture.

The Minister of Agriculture and Water Resources made the statement in Abuja when Mr. Rasheed Nasser Al-Dhakin, the UAE Ambassador to Nigeria paid him a courtesy call.

He stressed Nigeria's readiness to partner with UAE in the development of agro-industrial parks and export conditioning centres to facilitate and promote agro-business between the two countries.

Ruma said Nigeria would dedicate a large portion of the agro-industrial parks to the UAE on lease for 25 years with the entire critical infrastructure put in place for the development of strategic commodity partnership.

The minister said government was pooling all resources to engender the required synergy for a significant difference so that the sector could meet the challenges of the 21st century on food security.

''Yar'Adua's administration, under its Commercial Agriculture Development Programme, has committed huge resources into the sector for the development of a viable commercial agriculture for enhanced food security," he said.

"The programme comprises of over 400 state-of-the-art One-Stop Agric Service Centres and 24 Integrated Farm Estates equipped with all the required value chain infrastructure for production, storage, processing facility and access to markets," he added.

Ruma said Dubai, as the hub of export business, could take advantage of Nigeria's huge farm produce, such as fruits, vegetables, legumes and animal feeds, for export to UAE and the world market.

Responding, Al-Dhakin remarked that Dubai that provides transit market for export goods remained a source of attraction to Nigeria's huge produce.

"My country is desirous of forging a strategic partnership in promoting trade and investments in the agric sector," he said.

Al-Dhakin gave an assurance to the Federal Government of UAE's readiness to partner with Nigeria in agriculture and other areas, which would be mutually beneficial to the two countries.