By Peter Egwuatu
Barring unforeseen circumstances, the newly licenced Lagos Commodities and Futures Exchange (LCFE) is targeting no fewer than 10 million Nigerian youths for empowerment as commodities traders under its proposed seamless capacity building.
The Exchange plans to leverage its technology to bring millennials to the commodities and futures exchange ecosystem as future operators.
Details of the eligibility criteria are being worked out, but LCFE’s Managing Director and Chief Executive Officer, Mr Akin Akeredolu-Ale, confirmed the plan at a programme to commemorate the 2020 World Investment Week (WIW) which focuses on financial literacy.
Akeredolu-Ale said: “The current investing population in the Nigerian capital market is still heavily populated by the older generation. LCFE is interested in introducing and attracting the younger generation, no fewer than 10 million millennials and Generation Z, to the capital market by creating awareness about these products and become professionals in commodities and futures trading.
“The large varying commodities available due to the vast natural resources in Nigeria provide the opportunities for the generation of different types of investment products. The listing of commodity contracts and commodity-backed commercial papers for capital raising on a commodities exchange by stakeholders of the commodities ecosystem is one of many ways that new and existing investors of the capital market can participate. Other investible options available include futures; forwards and spots contract based on all forms of commodities- Agriculture, Oil and Gas, Solid Minerals and Currencies.
“We are committed to creating awareness for the investing public through a carefully planned list of knowledge sharing sessions which will be conducted in partnership with the regulators and other stakeholders of the capital market and the commodities ecosystem. These knowledge sharing sessions have been carefully planned to highlight various commodity finance areas ranging from investible ethical instruments, options for pension fund investment in commodities and many more”
He highlighted the pivotal role of technology in finance, saying: “As a technology driven commodities exchange, LCFE understands the role of technology in finance and we are exploring all the different and new technically driven trends in the Fintech space. We are engaging with Fintech partners who play major roles in crowd funding, crypto currency and block chain technology.”