Johnson Okafor
The newly licenced Lagos Commodities and Futures Exchange is targeting 10 million Nigerian youths for empowerment as commodities traders under its proposed seamless capacity building.
The exchange shall leverage on its state-of-the-art technology to bring millennials and Generation Z to the commodities and futures exchange ecosystem as future operators, a statement said.
It was gathered that details of the eligibility criteria were being worked out.
However, the LCFE’s Managing Director and Chief Executive Officer, Mr Akin Akeredolu-Ale, confirmed the plan during a programme titled, ‘LCFE Rings the Bell for Financial Literacy’, on the exchange in commemoration of 2020 World Investment Week, which focused on financial literacy.
“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 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. The large varying commodities available due to the vast natural resources in Nigeria provides opportunities for the generation of different types of investment products.
“The listing of commodity contracts and commodity-backed commercial papers for capital raising 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 highlighted the pivotal role of technology in finance saying, “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 crowdfunding, Cryptocurrency and blockchain 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.”
