The Securities and Exchange Commission (SEC) has approved 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 attended by regulators, investors, and stakeholders across Nigeria’s agricultural and commodities value chains.
LCFE’s Managing Director and CEO, Akin Akeredolu-Ale, hailed the move as a major milestone for Nigeria’s commodities market, stressing that it would create a transparent and structured platform that links 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. “This initiative will generate wealth, strengthen food security, and position Nigeria competitively in global trade.”
The Eko Rice Classic is expected to boost local rice production, cut import dependence, and reduce pressure on foreign reserves. Akeredolu-Ale emphasized that the listing demonstrates agriculture’s growing viability as an investable sector capable of attracting capital and delivering strong returns.
Adeyemi Oba, Managing Director of Commodities Tradenet, said the project would enhance confidence across the rice value chain by ensuring quality standards, while Patrick Ajayi of WCM Capital described it as a ₦23.4 billion opportunity for brokers to create new revenue streams and stimulate economic growth.