Lagos Commodities Exchange to List N23.4bn Eko Rice Contracts

By Adedapo Adesanya

There are plans to list Eko Rice Classic Spots Contracts valued at N23.4 billion by the Lagos Commodities and Futures Exchange (LCFE).

This followed a pre-launch meeting with key stakeholders in the commodities ecosystem, including investors, regulators, and members of the agricultural value chain to discuss the framework and significance of the listing.

According to a statement, the event was described as a step toward building a transparent, structured, and globally competitive commodities market in Nigeria.

The chief executive of LCFE, Mr Akin Akeredolu-Ale, said the listing would serve as a benchmark for commodities trading and agricultural financing in the country, noting 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.

Mr Akeredolu-Ale stated that 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, Mr 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 of WCM Capital Limited, Mr Patrick Ajayi, representing the listing brokerage firms, submitted 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 N23.4 billion listing is part of LCFE’s broader mission to deepen liquidity, foster sustainability, and establish Nigeria as a hub for structured commodities trading.

LCFE as an exchange trades agriculture, solid minerals, oil and gas, and currencies, while offering products like the Eko Gold Coin and Rice Contract, through its digital platform, member firms, and auction markets.