New Telegraph

Jubilation As Sanwo-olu Lists Eko Rice At Commodities And Futures Exchange

The Lagos State Governor Babajide Sanwo-Olu listed rice produced from the state- owned 32-metric tonnes per hour Imota Rice Mill in Ikorodu for trade in Lagos Commodities and Futures Exchange (LCFE) on Tuesday.

This was followed by a formal launch of the N5 billion Eko Rice Forward Contract Programme by Sanwo-Olu at the floor change market, UAC Building in Marina, on Wednesday, marking a significant milestone in the state government’s efforts to promote agriculture and enhance food security.

The Forward Contract, which is a joint initiative of the Government-owned Lagos State Rice Company (LASRICO) and Commodities Tradenet Limited, is the first series of the N30 billion Private Commodity Notes Issuance Programme facilitated by the Lagos State Government to ensure undisrupted paddy supply, enhance quality management, transaction efficiency and transparency.

Forward Contract for Eko Rice became the first to be listed and traded in Nigeria’s commodities exchange ecosystem. The private listing of the Lagos rice excited commodity brokers, farmers and investors in the commodities market, as first 5,000 contracts is- sued on the exchange floor were traded at the value of N195 million.

The offer for 50kg of Eko Rice opened on June 13 at the rate of N33,000 per Note, with the commodity being expected to be traded till next Monday, June 26, 2023. Tenor of the Note is 60 days.

Commodity brokers said the encouraging performance recorded by Eko Rice at first trading in the Commodities Exchange was due to its well-cleaned grains and high-grade texture, which positioned the crop for fair competition with imported rice in the market.

Eko Rice is laboratory- tested to have less than 2 percent impurity and 14 per cent moisture content. Sanwo-Olu said the Eko Rice Contract Programme was a game- changer launched with the objective to make Lagos a hub for agricultural production and processing in the country.

He said: “The N5 bil- lion Series of N30 billion Eko Rice Contracts Programme being launched today is part of our efforts to ensure a sustainable supply of rice paddy for the smooth running of Lagos Rice Mill in Imota. The exchange market is a public-private partnership programme that will provide a platform for farmers, processors, and traders to buy and sell rice contracts at a fair price.”

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