LA SUITE APRÈS LA PUBLICITÉ

The Federal Government of Nigeria has officially inaugurated the Governing Board of the Nigeria Commodity Exchange – NCX.

This was done on Thursday April 9 in Abuja to bolster the nation’s commodity trading landscape. The ceremony was led by Dr. Jumoke Oduwole, the Minister of Industry, Trade and Investment, framing the move as a strategic effort to modernize markets and accelerate Nigeria’s transition toward a non-oil, export-driven economy.

By reactivating the exchange, the government aims to formalize trade and unlock significant value within the agriculture and solid minerals sectors.

Minister Oduwole emphasized that this initiative is central to the government’s broader agenda of economic diversification, job creation, and food security.

She highlighted the immense potential of Nigeria’s resources, noting that the country has access to over 1.4 billion consumers through the African Continental Free Trade Area – AfCFTA.

However, she also stressed the urgent need for the new board to address existing bottlenecks, such as infrastructure gaps, informal trading systems, and poor traceability that currently hinder market efficiency.

The reactivation of the NCX is expected to transform the domestic market by enhancing transparency, standardizing trading protocols, and improving price discovery for farmers and miners.

According to the Minister, a functional exchange will attract necessary investment into market infrastructure, ensuring that Nigerian commodities consistently meet rigorous international export standards. This repositioning is viewed as a major step toward making Nigeria a more formidable player in both regional and global commodity markets.

During the ceremony, the Permanent Secretary of the ministry, Dr. Chris Isokpunwu, urged the board members to discharge their duties with professionalism to achieve measurable economic outcomes. In response, the Chairman of the governing board, Dalhatu Abubakar, expressed his commitment to transforming the NCX into a globally competitive platform.

The inauguration underscores a clear federal commitment to driving rural prosperity and sustainable development through a revitalized commodity export