LCFE Lists N23.4bn Eko Rice Contracts,

The Lagos Commodities and Futures Exchange (LCFE) has officially listed Eko Rice Classic Contracts valued at N23.4 billion, marking a major milestone in the transformation of Nigeria’s agricultural and commodities sectors.

A total of 3,000 contracts were listed at an initial price of N60,000 each, appreciating by 10% to N66,000 at the close of first trading, a strong indication of investor confidence and market potential.

This landmark listing highlights LCFE’s ongoing commitment to reforming Nigeria’s commodities ecosystem by fostering greater transparency, liquidity, and investment opportunities across the value chain.

“Nigeria is an agrarian nation, yet for many years, we lacked a commodities exchange that truly reflects the value of our natural resources. Today’s listing marks a new chapter in our economic history.The launch of Eko Rice Paddy Contracts is a collective step towards diversifying our economy away from crude oil.” said Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC).

Lagos State Commissioner for Agriculture, Abisola Olusanya, speaking on behalf of Governor Babajide Sanwo-Olu, praised LCFE for the initiative. “This listing demonstrates that a well-structured agricultural sector can drive economic growth and generate sustainable employment for millions. Eko Rice will play a vital role in reducing rice importation and boosting Nigeria’s foreign exchange earnings.”, she asserted.

Managing Director and Chief Executive Officer of LCFE, Akin Akeredolu-Ale, described the Eko Rice Classic listing as a pivotal development for Nigerian agriculture. “This is more than just a contract listing — it’s a watershed moment for Nigeria’s commodities market. The ₦23.4 billion Eko Rice Classic Spot Contract shows that agriculture is not only viable but bankable. It sets a benchmark for quality and reinforces the vital role of commodity exchanges in national development.”

In his welcome remarks, LCFE Chairman Onyenwechukwu Ezeagu stated that the listing sends a clear message to the global community, Nigerian farmers, processors, innovators, and brokers are evolving and ready to compete on the world stage.