LCFE, Traders  Sign MOU to Launch Auctions Market, Enhance Trade Practices

The Lagos Commodities and Futures Exchange (LCFE), and the Amalgamated Traders Associations of Mile 12 International Market have signed a Memorandum of Understanding (MOU) aimed at revolutionising trade practices through the establishment of commodities auction market.

The agreement was formalised during a ceremony held at the LCFE headquarters in Lagos.

Speaking at the event, the Managing Director and Chief Executive Officer of LCFE, Mr. Akin Akeredolu-Ale, described the launch of the Lagos auctions market as a significant move to in align local trade with global standards.

He noted that the initiative draws inspiration from Zimbabwe’s successful auctions market, which operates weekly and serves as a model for transparent price discovery, structured and regulated trading.

According to him, the primary objective of the Lagos auctions market is to create a structured and regulated environment for trading, ensuring compliance with strict standards for sanitation, packaging, and overall produce quality.

Akeredolu-Ale emphasized that this initiative was consistent with the Lagos State’s vision of becoming a 21st-century city with goods and services that meet international benchmarks.

“We aim to ensure that goods reaching consumers are of the highest quality. To achieve this, we have developed guidelines for packaging and quality control, providing producers with the necessary tools to meet these standards. This effort aligns with our broader strategy to transition local markets from a domestic focus to international trade readiness,” he stressed.

The Chairman of Mile 12 International Market, Lagos, Alhaji Shehu Usman,  described the MOU as a mutually beneficial partnership poised to revolutionize trade practices.

Usman expressed confidence in the collaboration of the Traders’ Association with LCFE  and its potential to bring significant benefits to market members and the broader Lagos community.

“This partnership is a win-win situation. The Lagos Commodities and Futures Exchange (LCFE) has a proven track record of excellence.  The Exchange is  tested and trusted, so we have every reason to believe in the success of this initiative,” he stated.

Usman highlighted the extensive efforts undertaken to educate market members about the advantages of the agreement