Lagos Commodities and Future Exchange (LCFE), Heritage Bank Plc, Capital Market players and other stakeholders have unlocked the $1trillion, (about N445trillion) commodities ecosystem as avenue to diversify the economy from a crude oil dependent economy to other critical economic sectors.
This was revealed at the historic commissioning ceremony and official launch of Lagos Commodities & Futures Exchange, with the theme, “New Order, Driving Nigeria’s Economy Through the Commodities Ecosystem,” last week in Lagos.
This feat, according to key stakeholders, will catalyze and transform the Nigerian economy to create value, wealth restore growth and build global competitive economy.
Giving his Goodwill message, the MD/CEO of Heritage Bank, Ifie Sekibo, specifically stated that as the lead settlement bank in partnership with key stakeholders that are critical to the success of this project, it considered the launch of LCFE as huge potential to unlock the opportunities and wealth of the four asset classes, namely, Agriculture, Solid Minerals, Oil and Gas and Currencies.
He stated: “I believe that this is the beginning of how we are going to possibly create values in areas that hitherto we have taken for granted. First thing it will bring about is sustainable commodity trading ecosystem, being a catalyst for capital formation, unlocking the long-time financing for the solid mineral and mining space. A frontline push to diversify the economy of this country from oil.”
LCFE, Heritage Bank, Others Unlock N445trn Commodities Ecosystem
In his address, the Governor of Lagos State, Babajide Sanwo-Olu, who appreciated the efforts of all the stakeholders, stated that the successful commissioning of LCFE will better fulfil the catalysts of growth which is to attract cutting-edge ideas and innovation and improve the inflow of financial transactions and great ideas that will enable businesses to flourish.
This, according to him, will improve the living environment, for businesses, and for the investments in Lagos and our country.