The Lagos Commodities and Futures Exchange (LCFE) and top commodities brokers have praised the Federal Government and Central Bank of Nigeria (CBN) for the recent directive mandating companies to channel basic food item imports through commodities exchanges.
Akin Akeredolu-Ale, Managing Director and CEO of LCFE, described the policy as a “government’s proactive approach to streamlining the importation process” that will benefit stakeholders across the value chain.
He pledged LCFE’s support and cooperation, stating, “We are already working closely with regulatory bodies and other stakeholders to ensure seamless implementation. We have the infrastructure to guarantee smooth implementation.”
Sam Onukwue, CEO of Mega Equities, urged the government to extend the policy to food item exports to address forex scarcity in Nigeria.
He noted, “It signifies the government’s determination towards the success of its food security program by ensuring scarce forex is properly utilized.”
Kehinde Hassan, Chief Operating Officer of GTI Group, applauded the policy as timely, while Olusheye Olusoga, Group Managing Director of Parthian Partners, advocated for encouraging farmers to increase their output.
The new policy aims to streamline food importation, ensure proper utilization of scarce forex, and promote food security in Nigeria.
