Lagos Government, LCFE Sign Agreement on Imota Rice

Nume Ekeghe

As part of its organic growth strategy, Lagos Commodities and Futures Exchange (LCFE) has signed an agreement with the Lagos State Government through the Ministry Agriculture to jointly drive the development of Lagos Rice value chain.

The agreement, sealed last week is expected to bridge the yearning gap in rice production in Nigeria, create different financial instruments that will boost economic activities in the Lagos Rice Mill, Imota through LCFE, generate employment opportunities and boost government revenue. 

The Special Adviser to Lagos State Governor on Rice, Dr Olurotimi Fashola and the Permanent Secretary, Ministry of Agriculture, Mrs Olatokunbo Emokpae, signed the agreement on behalf of Governor Babajide Sanwo-Olu. LCFE was represented by its Managing Director, Mr Akin Akeredolu-Ale, the Company Secretary, Mrs Fatima Lawal while Mr Adeyemi Oba, who signed on behalf of LCFE’s subsidiary, Commodities Tradenet Limited, 

Speaking, Fashola explained that the Lagos State Partnership with LCFE was a win-win, saying: “This is the first time any subnational will do this. We are happy about this partnership. According to him, it is a form of sustaining the initiative of ensuring massive production of rice in Lagos State and for the befits of the entire country. 

“We would like to thank Mr Governor once again, the Capital consumption of rice in Lagos state is the Highest in Nigeria. 

When you consider smuggling, and all the rice that is brought into Lagos you will understand that Lagos has a taste for good rice and it has the highest consumption rate of basmati rice. The Lagos Rice Mill Imota, is playing to this taste. “said Fashola.

Responding, Akeredolu-Ale stated that LCFE was committed to the Lagos State Government and the Rice Mill and The Exchange would drive the support of the Capital Market towards the ecosystem. 

“I would like to commend Mr Governor and his team for seeing the need to bridge this gap with the IMOTA rice mill. The Imota Rice Mill is a great project by Mr Governor and the Lagos State government. This mill will drive development of the Rice Value Chain and meet the rice demand needs of the nation.

In her closing remarks, Emokpae thanked LCFE and the financial advisers for their perseverance and tenacity for ensuring that this project happens.