LCFE Lists ₦23.4bn Eko Rice Contracts

The Lagos Commodities and Futures Exchange (LCFE) yesterday listed Eko Rice Classic Contracts worth ₦23.4 billion, in what stakeholders described as a landmark development for the nation’s agricultural and commodities market.

The Exchange listed 3,000 contracts at an initial unit price of ₦60,000, which appreciated by 10 per cent to ₦66,000 at the close of trading, reflecting investor confidence and market prospects.

Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, described the listing as a turning point for Nigeria’s economic diversification efforts.

“Nigeria is an agrarian nation, yet for many years we lacked a commodities exchange that truly reflects the value of our resources. The launch of Eko Rice Paddy Contracts is a step towards diversifying our economy away from crude oil, promoting the Made-in-Nigeria brand and ensuring quality standards. I look forward to the day when countries import rice from Nigeria,” he said.

Lagos State Commissioner for Agriculture, Abisola Olusanya, who represented Governor Babajide Sanwo-Olu, commended LCFE for driving innovation in the agricultural value chain.

“This demonstrates that a structured agricultural sector can drive growth, create jobs and reduce rice importation. Eko Rice will also boost Nigeria’s foreign exchange earnings,” she said.

Special Adviser on Agriculture and Food Systems, Dr. Oluwarotimi Fashola, and LCFE Managing Director/CEO, Akin Akeredolu-Ale, also hailed the initiative, stressing that agriculture must be recognised as a viable investment and not just subsistence.

According to Akeredolu-Ale, “This is more than just a contract listing. The ₦23.4bn Eko Rice Classic Spot Contract confirms that agriculture is bankable and reinforces the role of commodity exchanges in national development.”

LCFE Chairman, Onyenwechukwu Ezeagu, said the development sends a clear signal that Nigerian farmers, processors and market players are ready to compete globally.