The Lagos Commodities Futures Exchange, LCFE, has moved for the trading of Nigeria’ s crude oil in its Exchange, in a bid to help boost Nigeria’s revenue generation.

It also urged the Federal Government to utilize the commodities exchange ecosystem to boost food security, create job opportunities and enhance Nigeria’s capacity to earn foreign exchange.

Speaking in Lagos yesterday, Akin Akeredolu-Ale, Chief Executive Officer of LCFE, said  that the Exchange has the facilities to trade commodities such as crude oil among others.

He stated: “We have approached the NNPC and the Securities and Exchange Commission, SEC to discuss with them on how we can trade crude oil in Nigeria instead of allowing foreign players to determine the price we sell our crude oil in international market. We want the NNPC, SEC and other stakeholders in the commodities space to partner with us so that we can develop our market and generate more foreign exchange, FX for the country.”

According to him, “LCFE kicked off the year 2024 with a series of agreements geared towards the development of the Commodities Ecosystem. Some of these agreements include the National Coconut Development and Propagative Initiative (NATCODEV) for the growth of the Coconut Value Chain”.

The Exchange also signed agreement with the Niger State government represented by Niger Foods, an agency of the state, and the Lagos State Rice Mill for financing the supply of rice paddy to the mill.

Akeredolu-Ale noted that the Nigerian economy is experiencing a food crisis with the fast-rising food costs, cost of transportation, insecurity, poor infrastructure, and foreign exchange instability.