N5 Billion Rice Contracts Launched at LCFE
Lagos Commodities and Futures Exchange (LCFE) has made a quantum leap in its determination to support the growth agricultural assets in Nigeria with the launch of the N5 Billion Series 1 of N30 Billion Eko Rice Contract by the Lagos State Governor , Babajide Sanwo-Olu .
The first Forward Contract to be introduced into the commodities space will be listed on the floor of LCFE at a later date. The Contract shall create market for rice spots and futures derivatives. ensure product standardization, enhance availability of high quantity of paddy rice, promote adherence to global best practices, provide organizational support through collateral management services and create business opportunities for small suppliers of the product.
Sanwo-Olu, who launched the Rice Contract, stated that the Lagos State Government shall make the state the hub of rice production in Nigeria.
The Managing Director, LCFE, Mr Akin Akeredolu-Ale commended the Lagos State Government on its initiatives towards enhanced food production in Nigeria and assured Governor Sanwo-Olu of The Exchange’s readiness to support the initiatives.
“By this singular act, Lagos State has proven once again its capacity and foresightedness in championing and promoting food security for the good people of Lagos State in particular and the entire country, Nigeria in general. This collaboration will drive the following initiatives: Paddy Rice supply to the Lagos Rice Mill Imota, Integration of Rice Value chain Stakeholders in and outside of Lagos State, and drive paddy rice and Head Rice Standardization in Lagos State. LCFE will provide an opportunity for investment in the rice value chain through the creation, onboarding and listing of commodities Instruments for Paddy Aggregation and Trading while also providing opportunities for Rice distributors and stakeholders to trade on the Exchange through capital market operators.”, Akeredolu-Ale said.
Earlier in his welcome address, the Chairman, LCFE, Chief Onyenwechukwu Ezeagu expressed gratitude to Governor Sanwo-Olu and his Team.
