…to usher in new era for Nigeria’s commodities market

By Peter Egwuatu

The Lagos Commodities and Futures Exchange (LCFE) has listed Eko Rice Classic Contracts valued at N23.4 billion, marking a major milestone in the transformation of Nigeria’s agricultural and commodities sectors.
A total of 3,000 contracts were listed at an initial price of N60,000 each, appreciating by 10% to N66,000 at the close of trading on Monday , a strong indication of investor confidence and market potential.
This landmark listing highlights LCFE’s ongoing commitment to reforming Nigeria’s commodities ecosystem by fostering greater transparency, liquidity, and investment opportunities across the value chain.
“Nigeria is an agrarian nation, yet for many years, we lacked a commodities exchange that truly reflects the value of our natural resources. Today’s listing marks a new chapter in our economic history.The launch of Eko Rice Paddy Contracts is a collective step towards diversifying our economy away from crude oil. It will strengthen the Made-in-Nigeria brand, promote standardisation, and ensure quality control. I look forward to the day when countries like Ghana, Mali, and Côte d’Ivoire import rice from Nigeria.” said Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC)
Lagos State Commissioner for Agriculture, Abisola Olusanya, speaking on behalf of Governor Babajide Sanwo-Olu, praised LCFE for the initiative. “This listing demonstrates that a well-structured agricultural sector can drive economic growth and generate sustainable employment for millions. Eko Rice will play a vital role in reducing rice importation and boosting Nigeria’s foreign exchange earnings”, she asserted.
Echoing the sentiment, Lagos State’s Special Adviser on Agriculture and Food Systems, Dr. Oluwarotimi Fashola, applauded LCFE for introducing innovation and building trust within the commodity market. He emphasized that agriculture in Nigeria should be seen not only as a means of sustenance but also as a viable investment opportunity.
Akin Akeredolu-Ale, Managing Director and Chief Executive Officer of LCFE, described the Eko Rice Classic listing as a pivotal development for Nigerian agriculture. “This is more than just a contract listing — it’s a watershed moment for Nigeria’s commodities market. The ₦23.4 billion Eko Rice Classic Spot Contract shows that agriculture is not only viable but bankable. It sets a benchmark for quality and reinforces the vital role of commodity exchanges in national development.”
In his welcome remarks, LCFE Chairman Onyenwechukwu Ezeagu stated that the listing sends a clear message to the global community, Nigerian farmers, processors, innovators, and brokers are evolving and ready to compete on the world stage.
Delivering the vote of thanks, LCFE Director Sam Onukwue described the listing as a powerful endorsement of Nigeria’s commodity market and a bold statement about the future of the nation’s commodity ecosystem.