The National Assembly and the Securities and Exchange Commission, SEC, have endorsed the commencement of the Lagos Commodities and Futures Exchange, LCFE, assuring the management of the Exchange and all stakeholders of speedy legislation that would enhance the commodities market and the nation’s Gross Domestic Product, GDP.
Speaking during a visit to the LCFE in Lagos, the Chairman, House of Representatives Committee on Capital Market and other Institutions, Mr. Babangida Ibrahim, said the lawmakers decided to visit the Exchange to familiarise themselves with the workings in a bid to provide legislative support where necessary.
He stated: “Our purpose is to understand how they operate and see if there is any parliamentary intervention we can provide. We will speedy legislation that will enhance the growth of the commodity market and spur Gross Domestic Product, GDP.”
In his remarks, Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda, described the development of a vibrant and efficient commodities trading ecosystem as a major driver of economic growth and development.
Yuguda assured that SEC is committed to working with the LCFE to grow the commodities market.
He stated: “This visit is a demonstration of the commitment both the legislative arm of government and the regulator have to the development of the capital market of which the commodities market is important.
“We are impressed with what we have seen here today. We have engaged them for the past year and are aware they have been working hard to make this exchange successful.”
Speaking earlier, Chairman of LCFE, Chief Onyenwechukwu Ezeagu, said the need to fully realise the potential of the Federal Government’s drive towards the development of the agricultural and solid minerals sector and to tap the opportunities there, brought about the initiative to establish a Commodities and Futures Exchange, which will be well-positioned to support the Federal Government’s stride to create wealth and enhance the flow of foreign currency.