The Federal Government has officially inaugurated the Governing Board of the Nigeria Commodity Exchange to deepen commodity trading and fast track the country’s move toward a non oil, export led economy.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, performed the inauguration on Thursday in Abuja, describing it as a strategic step to reform and modernise Nigeria’s commodity markets.
Oduwole explained that the move is designed to improve how commodities are traded while strengthening Nigeria’s ability to compete in global export markets. She noted that the initiative aims to bring structure to commodity trading and unlock value across agriculture and solid minerals, key sectors identified for economic diversification.
According to her, the development aligns with the government’s broader agenda to create jobs, ensure food security and reduce reliance on oil revenues. She added that the reactivation of the exchange marks a significant milestone in positioning Nigeria as a stronger player in both regional and international markets.
The minister highlighted Nigeria’s vast natural resources and its access to a market of over 1.4 billion people under the African Continental Free Trade Area, noting that this presents major export opportunities if properly harnessed.
She also pointed out existing challenges within the commodity trading space, including weak traceability systems, informal market structures and inadequate infrastructure. Addressing these issues, she said, is critical to unlocking the full potential of the sector.
Oduwole further stated that reviving the exchange would promote transparency, standardise trading processes and improve price discovery for commodities. This, she explained, would not only attract investments into market infrastructure but also ensure Nigerian commodities meet global export standards.
In his remarks, the Permanent Secretary of the ministry, Dr Chris Isokpunwu, described the inauguration as a defining moment in efforts to strengthen Nigeria’s commodity export system. Represented by the Director of the Commodity Exchange Department, Mr Obasi Edozie, he urged members of the board to carry out their responsibilities with dedication and professionalism.
He also assured them of the ministry’s full support in achieving clear and measurable economic results.
Speaking on behalf of the board, Chairman Dalhatu Abubakar expressed appreciation to President Bola Tinubu and the minister for the trust placed in them. He pledged that the board would work to transform the exchange into a competitive global trading platform.
Abubakar outlined key priorities, including improving governance structures, upgrading warehouse systems and enhancing digital trading platforms. He also stressed the importance of building the capacity of farmers and market participants to meet modern trading demands.
In addition, he emphasised the need to strengthen partnerships with financial institutions and international commodity markets to expand opportunities for Nigerian exports.
“The inauguration underscores the Federal Government’s commitment to repositioning the NCX to drive export growth, rural prosperity and sustainable economic development.”
