Kayode Tokede
The Lagos Commodities and Futures Exchange (LCFE) is positioning organised commodities buying and selling as a strategic instrument for selling clear petroleum pricing, strengthening competitors and bettering funding selections in Nigeria’s evolving downstream petroleum market.
Following its latest licence from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to facilitate the buying and selling and clearing of petroleum liquids, the Exchange is looking for to attach the bodily petroleum market with Nigeria’s capital market via a structured, technology-enabled buying and selling platform.
The initiative comes amid important adjustments within the petroleum trade, together with downstream deregulation and increasing home refining capability. These developments have heightened the necessity for dependable market info, clear pricing and environment friendly value discovery.
In a press release by LCFE on the weekend, its Managing Director and Chief Executive Officer, Akin Akeredolu-Ale, mentioned the initiative would set up a reputable market the place petroleum merchandise could possibly be traded via organised mechanisms supported by acceptable buying and selling, clearing and settlement processes.
He defined that the target was to strengthen value discovery, enhance market info and entice higher participation from refiners, petroleum entrepreneurs, merchants, monetary establishments and buyers.
