Business & Economy
Excitement As N5bn Series 1 Of N30bn Eko Rice Programme Launches On Lagos Commodities And Futures Exchange
Eko Hot Blog reports that the Five Billion Series 1 of the 30 Billion Eko Rice Contracts Programme has launched on the Lagos Commodities and Futures Exchange (LCFE).
The commodity was launched on the exchange at the UAC Building, Marina, on Wednesday, in the presence of Lagos State Governor, Babajide Sanwo-Olu, Deputy Governor Obafemi Hamzat, and other top officials.
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The product starts trading on the LCFE five months after President Muhammadu Buhari inaugurated the long-awaited 32-metric tonnes per hour Lagos Rice Mill in Imota, Lagos.
Lagos State Governor, Babajide Sanwo-Olu, Deputy Governor Obafemi Hamzat, and other personalities holding a bag of rice at the launch of the Five Billion Series 1 of the Eko Rice Contracts Programme on the Lagos Commodities and Futures Exchange
Speaking at the bell-ringing ceremony on Wednesday, Sanwo-Olu described the 30 Billion Eko Rice Contracts Programme as a game-changer for agriculture and food security in Lagos.
According to the governor, the public-private partnership guarantees the availability of affordable rice for residents and empowers local farmers.
“I’m happy to announce the launch of the Five Billion Series 1 of the 30 Billion Eko Rice Contracts Programme on the Lagos Commodities and Futures Exchange,” he said in a post on social media.
Lagos State Governor, Babajide Sanwo-Olu, rings a bell to signal the launch of the Five Billion Series 1 of the Eko Rice Contracts Programme on the Lagos Commodities and Futures Exchange
“This revolutionary public-private partnership is a game-changer for agriculture and food security in Lagos State.
“Agriculture is a critical sector of our economy, and this programme positions Lagos as an innovative hub. By guaranteeing the availability of affordable rice, we’re ensuring food security for over 80% of Lagos families and also empowering our local farmers and driving economic growth together.
“Our commitment to the development of the Rice Value Chain has yielded remarkable results. We’ve scaled up local paddy production by 63.5%, creating over 2,620 jobs and improving livelihoods in rice-producing communities. This is just the beginning of our agricultural revolution.
“Today’s bell ringing ceremony on Lagos Commodities and Futures Exchange is a historic moment.
“We’re offering exciting investment opportunities in Lagos’ agricultural sector, highlighting these investment opportunities and projecting the role of the Capital Market in driving development in Lagos’ commodities ecosystem. Let’s seize the potential!”
Sanwo-Olu further stated that the Lagos government’s agreement with the Lagos Commodities and Futures Exchange will ensure “a sustainable supply of paddy to the rice mill.”
“Every three months, 15,000 metric tonnes of paddy will be milled and sold to the public through subscribers. This collaboration strengthens the rice value chain and boosts confidence in the market,” the Lagos governor added.
The Imota Rice Mill
The exchange started real-time trading on July 28, 2022.
The Securities and Exchange Commission (SEC), which licensed the LCFE, approved 13 products for trading on the commodities exchange but it has added more products, including rice, since its 2022 launch.
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The exchange’s basic function is to trade electronic receipts.
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