The Federal Government has expressed confidence in the ability of the Lagos Commodities and Futures Exchange (LCFE) as it is set to commence full operations. The exchange, which was granted approval in-principle for trading by the Securities and Exchange Commission (SEC) last year, is said to have the capacity to commence trading with more than its initial four asset classes namely: mineral resources, oil and gas, agriculture and currencies.
Addressing the Board and Management of LCFE at the maiden visit to the exchange yesterday, the Chairman, House Committee on Capital Market, Honourable Babangida Ibrahim, expressed satisfaction at the level of preparedness of the Exchange to commence full operation. Ibrahim, who led a high-powered team of House of Representatives’ Capital Market Committee explained that the Federal Government shall continue to support the growth and development of commodity exchanges in Nigeria and assured the LCFE’s management of continuous collaboration. According to him, a commodity exchange is a strong platform for economic growth and development in the wake of the government’s efforts to seek alternative means to grow the economy.
“As lawmakers, we decided to visit the Lagos Commodities and Futures Exchange (LCFE) to familiarise with its workings in a bid to providing legislative support where necessary. The capital market broadens access to economic prosperity by enabling the emergence of financially responsible citizens, accelerated wealth creation, and distribution in any environment.
