LCFE to begin trading on N23.4b new rice spots contracts

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Sep 8, 2025 - 09:38
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LCFE to begin trading on N23.4b new rice spots contracts

The Lagos Commodities and Futures Exchange (LCFE) is concluding arrangement for the listing of a new rice-based spots contracts, in a major boost to the country’s emerging commodities ecosystem.

LCFE and other partners held preparatory meeting on the listing of Eko Rice Classic Spots Contracts valued at N23.4 billion.

Managing Director, Lagos Commodities and Futures Exchange (LCFE), Akin Akeredolu-Ale, said the official listing of Eko Rice Classic Spots Contracts on the LCFE is expected to set a new benchmark in commodities trading and agricultural financing in Nigeria.

He noted that the listing was a major step toward building a transparent, structured, and globally competitive commodities market in Nigeria.

He said: “This pre-launch is not just a curtain-raiser. It is an invitation to co-create the future of commodities trading in Nigeria. Eko Rice Classic is a model for how agriculture and capital markets can align to generate wealth, ensure food security, and position Nigeria as a leader in structured trade.

“Rice remains a cornerstone of Nigeria’s food security, yet a significant portion of national demand is met through imports, a trend the Eko Rice Classic seeks to reverse. By channeling investments through LCFE’s structured framework, this listing supports local production while reducing pressure on foreign reserves.

“The Eko Rice Classic Listing is more than a financial transaction. It is a bold statement that agriculture in Nigeria has matured beyond subsistence to become a viable, investable sector capable of attracting large-scale capital, driving returns, and strengthening our food systems.”He reiterated LCFE’s commitment to providing a standardized platform for trading key asset classes, including agriculture, solid minerals, oil and gas, and currencies — with integrity and efficiency. The N23.4 billion listing, he said, is a direct reflection of LCFE’s mission to deepen liquidity and foster sustainability in the commodities ecosystem.He expressed appreciation to the Lagos State Government, the Securities and Exchange Commission (SEC), investors, processors, and other stakeholders for their continued support and trust.

Managing Director, Commodities Tradenet, Adeyemi Oba, explained that the Eko  Rice Classic initiative would renew confidence in Nigerian farmers, processors, and the rice value chain to meet domestic and international standards, transform agriculture through structured markets that enable fair price discovery and investment traceability and boost revenues for farmers, processors, and consumers through improved access to markets, stable supply chains, and assured quality.

Managing Director, WCM Capital Limited, Patrick Ajayi,  who represented the four listing brokerage firms, spoke on commodities brokers’ perspective.

According to him, the Eko Rice Classic offers brokers the opportunity to participate in N23.4 billion local commodity market.“This will enhance revenue opportunities, create value for our customers and develop the local economy,” Ajayi said.

LCFE to begin trading on N23.4b new rice spots contracts - The Nation Newspaper

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