The Lagos Commodities and Futures Exchange has announced plans to officially list Eko Rice Classic Spots Contracts valued at N23.4bn, following a pre-launch meeting with key stakeholders in the commodities ecosystem.
In a statement made available to our correspondent recently, the pre-launch meeting brought together investors, regulators, and members of the agricultural value chain to discuss the framework and significance of the listing. The event was described as a step toward building a transparent, structured, and globally competitive commodities market in Nigeria.
The Managing Director and Chief Executive Officer of LCFE, Akin Akeredolu-Ale, said the listing would serve as a benchmark for commodities trading and agricultural financing in the country. He noted that the initiative aims to reduce Nigeria’s reliance on rice imports while supporting local production.
“This pre-launch is an invitation to co-create the future of commodities trading in Nigeria. Eko Rice Classic is a model for aligning agriculture with capital markets to generate wealth, ensure food security, and position Nigeria as a leader in structured trade,” he said.
According to Akeredolu-Ale, the listing provides a structured framework for channelling investments into local rice production, ensuring fair price discovery, boosting revenue for farmers and processors, and improving access to quality products for consumers.
Additionally, the Managing Director of Commodities Tradenet, Adeyemi Oba, said the initiative would renew confidence in Nigerian farmers and the rice value chain, enabling the sector to meet domestic and international standards.
The statement added that the Chief Executive Officer of WCM Capital Limited, Patrick Ajayi, representing the listing brokerage firms, added that the Eko Rice Classic listing would create value for brokers, investors, and the wider economy, providing opportunities to participate in Nigeria’s growing local commodity market.
The N23.4bn listing is part of LCFE’s broader mission to deepen liquidity, foster sustainability, and establish Nigeria as a hub for structured commodities trading.
