The Lagos Commodities and Futures Exchange (LCFE) has officially listed Eko Rice Classic Contracts worth ₦23.4 billion, a big step for Nigeria’s agricultural and commodities sectors.

At debut, 3,000 contracts were listed at ₦60,000 each and closed at ₦66,000, reflecting a 10% gain on the first trading day. 

Speaking at the event, the Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, described the listing as a turning point in Nigeria’s economic diversification efforts.

“Nigeria is an agrarian nation, yet for many years, we lacked a commodities exchange that reflects the true value of our natural resources”. 

“The Eko Rice Paddy Contracts mark a new chapter in our history, steering us away from crude oil dependence,” Agama stated.

Lagos State Commissioner for Agriculture, Abisola Olusanya, speaking on behalf of Governor Babajide Sanwo-Olu, emphasised the listing’s role in strengthening food security and reducing import reliance.

“This initiative proves that a well-structured agricultural sector can drive economic growth and create sustainable jobs. 

“Eko Rice will be instrumental in reducing rice importation and boosting foreign exchange earnings,” she said.

The listing for the Lagos Commodities and Futures Exchange is more than a financial milestone. Managing Director and CEO, Akin Akeredolu-Ale, described it as a watershed moment for Nigerian agriculture.

“This is more than just a contract listing; it sets a benchmark for quality and reinforces the bankability of agriculture. 

“The ₦23.4 billion Eko Rice Classic Spot Contract demonstrates that agriculture is both viable and profitable,” Akeredolu-Ale explained.

LCFE Chairman, Onyenwechukwu Ezeagu, added that the listing strongly signals to global investors, farmers, processors, and innovators that Nigeria is ready to compete in the international commodities market.

Source: This Day

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