New Telegraph

Capital market: LCFE targets younger generation

The Managing Director/CEO, Lagos Commodities and Futures Exchange (LCFE), Mr. Akin Akeredolu-Ale, has said that the exchange is working with various stakeholders to target younger generation and introduce them into the capital market.

 

Akeredolu-Ale, who stated this while addressing the Capital Market Committee of the House of Representatives led by the Securities and Exchange Commission at a maiden visit to the exchange, said this became necessary as the current investing population in the capital market is an ageing one.

 

He noted that the exchange intended to achieve this by creating unconventional financial instruments backed by commodities such as gold, consideration and research into crowdfunding opportunities backed by commodities, research and development of easy-to-use trading platforms that can be accessed by anyone with a phone (smart or not) with the help of USSD configuration.

Others, according to him, include research and consideration of commodity backed cryptocurrency financial instruments, development of oil and gas financial products to be traded in Nigeria by Nigerians, research and development of financial instruments backed by gold aggregation and refining, partnerships with financial institutions for 33 currency switch to conduct transactions across Africa with an automatic currency switch and creation of futures contracts for the stability of the capital market.

 

Akeredolu-Ale noted that Nigeria had a solid mineral economy that has the potential to raise approximately $ 5 billion every year.

 

“Crude oil trades on annual basis can be improved by further local participation. The agricultural commodities can boost and support our economy from the current position of 69 per cent contribution to 100 per cent.

 

“In the next 5 years, the commodities ecosystem if properly harnessed has the capacity to pull the economy out of recession to great prosperity with a GDP in the range of $ 700 billion. LCFE plans  to aggressively contribute to the growth of the Nigerian economy by driving our trades in the four asset classes to a multimillion-dollar business volume,” he said.

 

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