The management of the Lagos Commodities and Futures Exchange (LCFE) now has another feather in their cap, with more Agro-commodities available to trade on its platform.
To buy or sell any of the agro-commodities, interested parties should contact registered dealing member firms or commodities brokers, whose names are available on its official website.
The 13 agro-commodities now available for trading on LCFE are paddy rice, cocoa, cashew, dry ginger, palm kernel and cassava.
Others are soya beans, yellow maize, whole ginger, wheat, sorghum, sesame seed and shea butter.
Recently, LCFE started trading Eko Rice, a product from the multibillion rice complex located in Imota, Lagos State, Nigeria’s commercial capital.
Nigeria currently produces about 5 million metric tons of paddy rice annually, which is projected to increase by 10 percent by 2025. The country’s current production accounts for 70 percent of Africa’s annual paddy rice production, according to Nairametrics, quoting Isaiah Gabriel, the country programme Manager of Syngenta Foundation for Sustainable Agriculture.
Cocoa continues to be Nigeria’s leading source of foreign earnings among the agric produce. As of March 2023, Nigerian earned N84.75 billion from the export of superior quality cocoa beans, and another N17.95 billion from the export of standard quality cocoa beans.
Cashew was among the top 15 most exported produce at the end of the first quarter of 2023, as Nigerian cashew exporters made N27.18 billion from cashew exports.
The export of sesame seeds generated N67.66 billion in the first three months of this year, representing 1.04 percent of Nigeria’s total export value during the quarter.
Soya beans export generated N38.63 billion earnings during the first quarter of 2023. The procude was sold in the forms of soya beans(excluding seeds), and soya beans seeds.
The Lagos Commodities and Futures Exchange was incorporated in 2015 and granted full operating license in 2019 by the Securities and Exchange Commission (SEC) in Abuja. LCFE is an open, organized, and regulated marketplace where ownership titles to specific quantities of identified commodities are traded by registered members for their clients.
It provides an environment for farmers, warehouse owners, aggregators, commodity merchants, traders of currency, oil and gas and solid minerals to be able to exchange their goods and services. In simple terms, we provide a platform for sellers of commodities to sell to buyers.
It was licensed to trade in agriculture, solid minerals, oil and gas, currencies and commodity-backed debt instruments, among others.
