Lagos Commodities and Futures Exchange seeks to empower 10m Nigerian youths — CEO


By Itohan Abara-Laserian

Lagos, Oct. 27, 2020 The newly licenced Lagos Commodities and Futures Exchange ( LCFE) has disclosed that it is targeting no fewer than 10 million Nigerian youths for empowerment as commodities traders.

Mr Akin Akeredolu-Ale, LCFE’s Managing Director and Chief Executive Officer, disclosed in a statement on Tuesday in Lagos.

The statement was on the “LCFE Rings the Bell for Financial Literacy”, on the exchange, in commemoration of 2020 World Investment Week (WIW) which focuses on financial literacy.

He said that the investing population on the capital market was dominated by older people, hence the need to incorporate younger investors.

“The current investing population in the Nigerian capital market is still heavily populated by the older generation.

“LCFE is interested in introducing and attracting the younger generation of no fewer than 10 million millennials and Generation Z to the capital market by creating awareness about these products and become professionals in commodities and futures trading.

“That is why LCFE is passionate about financial literacy,’’ he noted.

According to him, the large varying commodities available due to the vast natural resources in Nigeria provide the opportunities for the generation of different types of investment products.

“The listing of commodity contracts and commodity-backed commercial papers for capital rising on a commodities exchange by stakeholders of the commodities ecosystem is one of many ways that new and existing investors of the capital market can participate.

“Other investible options available include futures, forwards and spots contract based on all forms of commodities, Agriculture, Oil and Gas, Solid Minerals and Currencies.

“We are committed to creating awareness for the investing public through a carefully planned list of knowledge sharing sessions which will be conducted in partnership with the regulators and other stakeholders of the capital market and the commodities ecosystem.

“These knowledge sharing sessions have been carefully planned to highlight various commodity finance areas ranging from investible ethical instruments, options for pension fund investment in commodities and many more,” Akeredolu-Ale said.

He said that the details of the eligibility criteria were being worked out.

He highlighted the pivotal role of technology in the financial ecosystem.

“As a technology-driven commodities exchange, LCFE understands the role of technology in finance and we are exploring all the different and new technically-driven trends in the Fintech space.

“We are engaging with Fintech partners who play major roles in crowd funding, Crypto currency and block chain technology.

“LCFE is looking forward to aligning with the Securities and Exchange Commission through the relevant technical committees to engage with the stakeholders in this unique fintech space to bring structure and support to the commodities ecosystem”.

According to him, LCFE has also committed to providing access to relevant financial information and trading data from the commodities ecosystem through targeted partnerships.

“We are looking to integrate over 10 million young commodity traders across the six geo-political zones into the capital market through our LCFE youth commodity trading account platform.

“It gives me great pleasure at the commencement of this year’s World Investors week to announce the launch of this program on the Lagos Commodities and Futures Exchange.

“This programme will aid the introduction of a fresh blood into the Nigerian Capital Market through the diversification of investment options,” he said.

Akeredolu-Ale said that the World Investor Week (WIW) is a week-long event aimed at raising awareness about the importance of investor education and protection.

This is toward engendering the financial and overall wellbeing of the individual, and particularly in view of the effects of the COVID 19 pandemic.

“Investor education is very important to us at Lagos Commodities and Futures Exchange (LCFE).

“The call for diverse investment opportunities has grown increasingly louder in the past few months.

“As a unique commodities Exchange in the Nigerian capital market, we understand the need to deepen the capital market by creating fungible investment instruments backed by commodities for investors.

“We applaud the Securities and Exchange Commission for its resilient commitment to Financial Literacy and the role it has played in expanding financial literacy through the Financial Literacy Committee,” he said.

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