Lagos state governor Babajide Sanwo-Olu has launched the onboarding of EKo Rice at the state Commodities and features exchange.
Rice produced from the Lagos State-owned 32-metric tonnes per hour Imota Rice Mill in Ikorodu has now hit the market.
The launch is the first series of the 30 billion naira Eko Rice contract programs on the Lagos Commodities and features exchange which will supply 15 000 metric tons of undisrupted paddy to the mill and to be milled and sold to the public through subscribers.
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 issued 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.
Governor Babajide Sanwo-Olu said the achievement is to create opportunities and to ensure a sustainable Supply.
Participating Partners commended the state government for the giant steps taking in collaborating with private sectors in ensuring adequate food security in the state.
There were 13 aggregate commodities that are traded on the LCFE and these are Paddy rice, shea butter, gold, cocoa, cassava, soya beans among