The Securities and Exchange Commission (SEC) has given the green light for the listing of Eko Rice Classic Spot Contracts worth ₦23.4 billion on the Lagos Commodities and Futures Exchange (LCFE).
The approval was announced at a pre-launch event that brought together regulators, investors, and key players across Nigeria’s agricultural and commodities value chains.
Speaking at the event, LCFE’s Managing Director and Chief Executive Officer, Akin Akeredolu-Ale, described the development as a milestone for the nation’s commodities market. He said the listing would help build a more transparent and structured platform that aligns agriculture with capital markets.
“The pre-launch is more than just an event. It is a call to co-create the future of commodities trading in Nigeria,” he said, noting that the initiative is designed to generate wealth, strengthen food security, and position Nigeria competitively in global trade.
The Eko Rice Classic listing is expected to support local rice production, reduce Nigeria’s dependence on imports, and ease pressure on foreign reserves.
Akeredolu-Ale added that the listing is not only about financial value but also a sign that Nigerian agriculture is becoming an investable sector capable of attracting capital, yielding strong returns, and reinforcing food systems. He reiterated LCFE’s commitment to providing a standardized trading platform for agriculture, solid minerals, oil and gas, and foreign exchange.
Adeyemi Oba, Managing Director of Commodities Tradenet, said the project would build confidence across the rice value chain—farmers, processors, and consumers alike—by encouraging adherence to local and international quality standards. According to him, structured markets guarantee transparency, investment traceability, and improved revenue for stakeholders.
Also speaking, Patrick Ajayi of WCM Capital, representing brokerage firms, described the Eko Rice Classic as an opportunity for brokers to participate in a ₦23.4 billion commodity market. He emphasized that it could create new revenue streams, deliver value to consumers, and stimulate wider economic growth.
