LCFE onboards Imota Rice Receipts for Trading

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LCFE   onboards Imota Rice  Receipts for Trading

L-R: Special Assistant to Lagos State Government on Rice, Dr  Olurotini Fashola. Permanent Secretary , Lagos State Ministry of Agriculture, Mrs. Olatokunbo Emokpae, Managing Director and Chief Executive Officer, Lagos Commodities and Futures Exchange (LCFE),   Akin Akeredolu-Ale,  Commissioner for Agriculture, Lagos State, Honourable Abisola Olusanya and Group Chief Executive Officer, Dominion Trust Limited, Dr Wale  Oshinowo, during interactive session on the proposed  onboarding of electronic receipts of Imota Rice  on LCFE in Lagos recently


As part of its organic growth strategy, Lagos Commodities and Futures Exchange (LCFE), has concluded arrangements to onbard  the trading of electronic receipts of rice and its derivatives of Imota Rice Mill as the Company  is scheduled for inauguration on Tuesday , January 24, 2023 by President Mohammadu Buhari.

Imota  Rice Mill, promoted by the Lagos State Government, is the  largest in Africa and the third largest in the world, with  installation capacity of 32 Metric Tonnes per hour. It  is located at Imota area of Ikorodu division owned by the Lagos State Rice Company Limited to drive development of the Rice Value Chain and meet the rice demand needs of the nation.

The Mill requires about 200,000 Metric Tonnes of Paddy Rice annually, to produce head rice of about 120,000 metric tonnes and other derivatives. It  is estimated to generate 1,  500 direct jobs and 254, 000 indirect jobs.

            The Kernel of the Story

– ” Our Exchange is proud to partner with  Imota Rice Mill to fulfil its objectives for the development of the commodities ecosystem to meet demand for rice in Nigeria and drive the country’s Gross Domestic Products (GDP) through the Commodities  ecosystem. This partnership will promote an enabling environment for the alignment of all stakeholders in the rice production value chain and the capital market.”, says the LCFE’s Managing Director, Akin Akeredolu-Ale.

– The onboarding  of  Imota Rice Mill on the Exchange will drive steady flow of Paddy to the Mill and ensure effective trading of rice contracts on the Exchange.

– The Pan African Commodities Exchange, LCFE, was established for structured, standardized and certified trading of electronic receipts of commodities and allied products as well as their derivatives.

– The historic inauguration of Imota Rice Mill is expected to attract many top government functionaries and captains of industries.

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