The Lagos Commodities and Futures Exchange (LCFE) and stakeholders in the commodity ecosystem organized the pre-launch meeting for the listing of Eko Rice Classic Spots contracts, before the official listing of rice contracts valued at 23.4 billion nairas. The managing director and head from the management of LCFE, Akin Akeredolu-Ale, emphasized the importance of the listing as a major step towards building a materials market first transparent, structured and globally competitive in Nigeria.

The approval was announced at an event by pre-launch involving regulators, investors and stakeholders in all agricultural and material value chains premieres from Nigeria.

The managing director and CEO of LCFE, Akin Akeredolu-Ale, has hailed this initiative as a major step for the materials market premieres from Nigeria, stressing that it would create a transparent platform and structured linking agriculture to financial markets.

“This pre-launch is more than just a event: it's a call to co-create the future of materials trading firsts in Nigeria,” he said. “This initiative will generate wealth, will enhance food security and position Nigeria as a competitive player in global trade.”