LCFE, Brokers Laud FG, CBN on Food Importation Directive

Lagos Commodities and Futures Exchange (LCFE) and top commodities brokers have commended the Federal Government and Central Bank of Nigeria (CBN), for the recent directive, mandating companies to channel the importation of basic food items through commodities exchanges. 

Responding to the new policy, the Managing Director and Chief Executive Officer, LCFE, Akin Akeredolu-Ale, described it as a government’s proactive approach to streamlining the importation process. According to him, it will benefit stakeholders across the value chain. 

“Lagos Commodities and Futures Exchange is ready and eager to play a pivotal role in facilitating seamless transactions and contributing to the overall success of this initiative. We pledge our support and cooperation for this initiative. We are already working closely with regulatory bodies and other stakeholders in the value chain to ensure seamless implementation.  We have infrastructures that will guarantee smooth implementation of this policy,” he added.

The Chief Executive Officer, Mega Equities, Sam Onukwue, urged the government to extend the policy to exportation of all food items to address forex scarcity in Nigeria. 

“It signifies the government’s determination towards the success of its food security programme by ensuring that scare forex for imports are properly urilized and well accounted for,” said Onukwue. 

The Chief Operating Officer, GTI Group, Kehinde Hassan also applauded the policy as timely.

The Group Managing Director, Parthian Partners, Olusheye Olusoga, advocated the need to encourage farmers to increase their output.