Nigeria’s Minister of of Industry, Trade and Investment, Jumoke Oduwole, says the country is a leading producer of commodities such as cassava, sesame, cocoa, cashew, ginger and shea.
Oduwole disclosed this at the inauguration of the governing board of the Nigeria Commodity Exchange (NCX) in Abuja.
She said that the move will mark a major step in repositioning the country’s commodity trade as a driver of non-oil exports and economic growth.
The minister said the event was critical policy milestone.
Oduwole 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 said Nigeria’s vast agricultural potential stands to benefit from opportunities presented under 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 urged 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.
Mr Dalhatu Abubakar, chairman of the new board, assured that the Nigerian commodity market would be transformed into a globally competitive platform, positioning it as a key driver of economic growth and food security.
The chairman said “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 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.
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.
According to him, “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.
