Nigeria has inaugurated the governing board of the Nigeria Commodity Exchange (NCX), marking a major step in repositioning the country’s commodity trade as a driver of non-oil exports and economic growth.
Speaking at the inauguration in Abuja, the Minister of Industry, Trade and Investment, Jumoke Oduwole, described the move as a critical policy milestone.
She said, “Today we formally constitute the Governing Board of the Nigeria Commodity Exchange. This is not a ceremonial exercise. It is the activation of an institution that sits at the centre of Nigeria’s non-oil export strategy.”
The Minister highlighted Nigeria’s vast agricultural potential, noting its position as a leading producer of commodities such as cassava, sesame, cocoa, cashew, ginger, and shea, while emphasising the opportunities presented by the African Continental Free Trade Area.
Oduwale noted that the NCX will serve as a platform to unlock these opportunities and strengthen Nigeria’s participation in global trade.
The Minister charged the newly inaugurated board to provide effective governance and drive implementation, adding that the policy environment and partnerships required for success are already in place.
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The newly inaugurated Chairman of the Board, Dalhatu Abubakar, pledged to transform Nigeria’s commodity market into a globally competitive platform, positioning it as a key driver of economic growth and food security.
He noted that “the institution is designed to provide a transparent and efficient platform for the trading in agricultural and solid minerals commodities, while also aiming to promote orderly marketing, facilitate price discovery, and support food security for economic development.”
The Chairman emphasized that the Exchange holds significant potential to transform Nigeria’s agricultural sector and broader economy, aligning with national development priorities.
Abubakar also highlighted key priorities for the new Board, including strengthening the regulatory framework, investing in infrastructure such as certified warehouses and digital trading systems, and enhancing the capacity of farmers and market operators.
He further stressed the importance of partnerships, noting that the Board would foster partnership with financial institutions, international markets and collaborate with private sector players to drive innovation and investment.
Confidence in New Leadership
The Managing Director and Chief Executive Officer of the Nigerian Commodity Exchange, Anthony Atuche, expressed confidence in the newly constituted leadership, describing members as experienced professionals capable of advancing the institution’s mandate.
He added that, “we are very proud of the board. We are very happy. These are people that are very collaborative in nature, very seasoned professionals and businessmen.”
The NCX boss emphasized the importance of moving swiftly into implementation, stating that the Exchange is poised to contribute to Nigeria’s broader economic ambitions.
“So I’m really just excited to begin implementation properly and drive towards the one trillion USD GDP economy that was set by the president,” he said.