LCFE Launches N23.4bn Rice Spot Contracts To Boost Nigeria’s Commodities Market

the Lagos Commodities and Futures Exchange (LCFE) is finalizing arrangements to list a new rice-based spot contract, in what is being described as a major boost to Nigeria’s growing commodities ecosystem. The contract, known as the Eko Rice Classic Spot Contract, is valued at N23.4 billion.

At a preparatory meeting held with partners, LCFE’s Managing Director, Akin Akeredolu-Ale, said the listing would mark a milestone in commodities trading and agricultural financing. He noted that the initiative aims to establish a transparent and globally competitive commodities market while positioning agriculture as a key driver of economic growth.

“This pre-launch is not just a curtain-raiser. It is an invitation to co-create the future of commodities trading in Nigeria,” Akeredolu-Ale stated. “Eko Rice Classic is a model for how agriculture and capital markets can align to generate wealth, ensure food security, and position Nigeria as a leader in structured trade.”

He stressed that rice remains central to Nigeria’s food security, but much of the demand is still met through imports. The Eko Rice Classic, he explained, seeks to reverse this by channeling investments through LCFE’s structured framework to support local production and ease pressure on foreign reserves. He added that the listing represents more than a financial deal, describing it as proof that agriculture in Nigeria has matured into an investable sector capable of attracting large-scale capital and delivering sustainable returns.

The LCFE boss reaffirmed the Exchange’s commitment to providing a standardized trading platform for agriculture, solid minerals, oil and gas, and currencies, stressing that the N23.4 billion listing reflects the Exchange’s mission to deepen liquidity and foster sustainability in the commodities market. He also expressed appreciation to the Lagos State Government, the Securities and Exchange Commission (SEC), investors, processors, and other stakeholders for their continued support.

Managing Director of Commodities Tradenet, Adeyemi Oba, highlighted that the initiative would restore confidence in Nigerian farmers and processors, enabling them to meet domestic and international standards while strengthening supply chains and boosting revenues. He emphasized that the structured market will ensure fair price discovery, investment traceability, and improved access to markets for all players in the rice value chain.

Also speaking, Patrick Ajayi, Managing Director of WCM Capital Limited, who represented the four brokerage firms involved in the listing, said the contract provides a unique opportunity for brokers to tap into the N23.4 billion commodities market. “This will enhance revenue opportunities, create value for our customers, and contribute to the growth of the local economy,” he said.