Odimmegwa Johnpeter/Abuja
The Federal Government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) in Abuja, signaling a decisive push to transform Nigeria’s commodity markets and accelerate the country’s shift toward a non-oil, trade-driven economy. This was contained in a statement signed by Obilor-Duru Augustina Okechi, Head, Press and Public Relations, FMITI.
The inauguration, led by the Federal Ministry of Industry, Trade and Investment, brings renewed focus to strengthening export competitiveness, formalising commodity trade, and unlocking value across agriculture and solid minerals. The move aligns with the Federal Government’s broader economic reform agenda anchored on diversification, job creation, and food security.
Speaking at the ceremony, the Honourable Minister, Federal Ministry of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the development as a major step in repositioning Nigeria within regional and global markets, noting that the country’s vast resource base and access to over 1.4 billion consumers under the African Continental Free Trade Area present significant opportunities. She, however, stressed the need to tackle longstanding challenges such as poor traceability, informal trading systems, and infrastructure gaps.
“This is far more than a ceremonial event—it marks the reactivation of a strategic institution central to our economic transformation agenda,” she said.
The Minister emphasised that the NCX will play a critical role in improving transparency, standardising commodity trading, enhancing price discovery, and attracting investment into market infrastructure, while ensuring Nigerian exports meet international standards.
In his remarks, the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Dr. Chris Osa Isokpunwu, represented by Director , Commodity Exchange Department. (CED) Mr Obasi Edozie, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem and deepening institutional reforms within the sector.
He noted that the appointment of the Governing Board reflects the Federal Government’s confidence in their capacity to reposition the Exchange and urged members to approach their responsibilities with diligence, professionalism, and a strong sense of national duty, assuring them of the Ministry’s continued support toward achieving measurable economic outcomes.
In his acceptance remarks, the Chairman of the Governing Board, Alhaji Dalhatu Abubakar, expressed appreciation to President Bola Ahmed Tinubu for the confidence reposed in the Board and affirmed commitment to delivering on its mandate. He outlined priorities including strengthening governance frameworks, upgrading warehouses and digital trading systems, building capacity for farmers and market operators, and deepening partnerships with financial institutions and global markets.
“With strong collaboration and clear direction, the Exchange will emerge as a globally competitive platform delivering real value to farmers, traders, and the Nigerian economy,” he stated.
The inauguration marks a renewed commitment by the Federal Government and stakeholders to reposition the NCX as a catalyst for export growth, rural prosperity, and sustainable economic development.
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