The federal government has inaugurated the governing board of the Nigeria Commodity Exchange to strengthen commodity trading and accelerate Nigeria’s transition to a non-oil, export-driven economy.

Trade and investment minister Jumoke Oduwole inaugurated the board on Thursday in Abuja.

Ms Oduwole said that the inauguration was part of efforts to modernise commodity markets and boost export competitiveness.

According to her, the initiative seeks to formalise commodity trade and unlock value in agriculture and solid minerals, supporting the government’s agenda on diversification, job creation and food security.

The minister described the development as a major step toward repositioning Nigeria in regional and global markets.

She noted that Nigeria’s vast resources and access to over 1.4 billion consumers under the African Continental Free Trade Area present significant export opportunities.

She restated the need to address poor traceability, informal trading systems and infrastructure gaps affecting commodity markets.

Ms Oduwole said the reactivation of the exchange would strengthen transparency, standardise trading and improve price discovery.

She added that the NCX would attract investment into market infrastructure and help Nigerian commodities meet international export standards.

The ministry’s permanent secretary, Chris Isokpunwu, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem.

Mr Isokpunwu, represented by the director of the Commodity Exchange Department of the ministry, Obasi Edozie, urged the newly inaugurated board to discharge their duties with diligence and professionalism.

He assured the board of the ministry’s support toward achieving measurable economic outcomes.

Dalhatu Abubakar, chairman of the governing board, thanked President Bola Tinubu and the minister for the confidence reposed in the board.

Mr Abubakar pledged the board’s commitment to repositioning the exchange as a globally competitive trading platform.

He listed priorities to include strengthening governance, upgrading warehouses and digital trading systems and building capacity for farmers and market operators.

He also restated the need to deepen partnerships with financial institutions and international commodity markets.

Mr Abubakar said, “The inauguration underscores the federal government’s commitment to repositioning the NCX to drive export growth, rural prosperity and sustainable economic development.” 

(NAN)