By Abimbola Ogunnaike
Lagos Commodities and Futures Exchange has projected that Nigeria will generate $4 billion annually from trading about 50 million barrels on Nigeria’s Commodities exchange.
The Chief Executive of LCFE, Akinsola Akeredolu-Ale, disclosed this recently during a meeting with the Nigerian Security and Exchange Commission(NSEC) in Abuja.
Akeredolu –Ale explained that the consideration is that 10 to 20 per cent of Nigeria’s crude oil production should be provisioned for trading on the floor of the Lagos Commodities and Futures Exchange.
“This will allow Nigerians to take direct benefits and further aid the growth of the capital market by trading on both crude and refined product contracts,” he stated.
With the development, it will be the first time fossil fuels will be traded in Exchange with Africa’s largest oil producer.
According to the Organization of Petroleum Exporting Countries, Nigeria’s crude oil production dropped to 1.23 million barrels per day in March from 1.32 million bpd in February.
