The Securities and Exchange Commission (SEC) has approved the listing of ₦23.4 billion Eko Rice Classic Spot Contracts on the Lagos Commodities and Futures Exchange (LCFE), marking a major milestone in Nigeria’s push to deepen its commodities market.
The prelaunch event in Lagos brought together regulators, investors, and stakeholders across the agricultural value chain. Speaking at the event, Akin Akeredolu Ale, Managing Director and Chief Executive Officer of LCFE, described the approval as a bold step toward creating a transparent and globally competitive commodities ecosystem.
“This initiative is not just about rice, it is about building a structured, investable future for Nigeria’s commodities market. It is an invitation to co create the future of trading in this sector,” he said.
According to Akeredolu Ale, the listing will support local rice production, reduce dependence on imports, and ease pressure on the nation’s foreign reserves, while also positioning agriculture as a viable and investable sector.
Adeyemi Oba, Managing Director of Commodities Tradenet, said the contracts would boost confidence in the rice value chain by enforcing quality standards, enabling fair price discovery, and expanding access to markets.
Patrick Ajayi, Managing Director and Chief Executive Officer of WCM Capital, representing the listing brokers, highlighted the ₦23.4 billion market opportunity the contracts present for brokers, stressing that it will enhance revenue streams, create customer value, and stimulate local economic growth.
The approval underscores SEC’s commitment to integrating agriculture into Nigeria’s capital markets while reinforcing LCFE’s broader vision of offering standardized platforms for trading across key sectors including agriculture, solid minerals, oil and gas, and currencies.
With this milestone, Nigeria takes another step toward achieving food security and transforming agriculture into a cornerstone of its economic development.