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

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

The Lagos Commodities and Futures Exchange (LCFE) is preparing to list a new rice-based spot contract, the Eko Rice Classic Spots Contracts, valued at ₦23.4 billion, marking a significant development in Nigeria’s emerging commodities market. The listing aims to set a benchmark in commodities trading and agricultural financing,fostering a transparent, structured, and globally competitive market.

LCFE’s Managing Director, Akin Akeredolu-Ale, emphasized that the initiative signals the maturity of Nigerian agriculture from subsistence to an investable sector, capable of generating wealth, ensuring food security, and attracting large-scale capital. The platform will provide standardized trading for key asset classes, including agriculture, minerals, oil and gas, and currencies, promoting liquidity and sustainability in the commodities ecosystem.

Other stakeholders, including Commodities Tradenet and WCM Capital Limited, highlighted that the Eko Rice Classic initiative will restore confidence in the rice value chain, support farmers and processors in meeting domestic and international standards, enable fair price discovery,improve market access, stabilize supply chains, and ultimately boost revenues for all participants. The initiative also opens new opportunities for brokers to engage in Nigeria’s local commodity market, contributing to economic growth.

Overall, the listing represents a strategic effort to integrate agriculture with capital markets, strengthen Nigeria’s food systems, and advance the country as a hub for structured trade.