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LCFE to empower 10 million youths as commodity traders

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Barring unforeseen circumstances, the newly-licensed Lagos Commodities and Futures Exchange (LCFE), is targeting about 10 million Nigerian youths for empowerment as commodities traders under its proposed capacity building programme.

The Exchange plans to leverage its state-of-the-art technology to bring millennials and those in the group of Generation Z to the commodities and futures exchange ecosystem as future operators.

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While the details of the eligibility are being worked out, LCFE’s Managing Director and Chief Executive Officer, Akin Akeredolu-Ale, confirmed the plan during the ringing of the opening bell on the Exchange in commemoration of the 2020 World Investment Week (WIW), which focuses on financial literacy.

He said the current investing population in the Nigerian capital market is still heavily-populated by the older generation, as such, LCFE is interested in introducing and attracting 10 youths to the capital market to 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.

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“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 contracts based on all forms of commodities – agriculture, oil and gas, solid minerals, and currencies.

He said the Exchange is 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.

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He said such 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.

Highlighting the pivotal role of technology in finance, he said: “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. The exchange is engaging with Fintech partners who play major roles in crowdfunding, Cryptocurrency, and blockchain technology.”

He said LCFE is looking forward to aligning with the Securities and Exchange Commission (SEC), through the relevant technical committees to engage with the stakeholders in this unique fintech space, to bring structure and support to the commodities ecosystem.

Akeredolu-Ale also assured that the Exchange is committed to providing access to relevant financial information and trading data from the commodities ecosystem through targeted partnerships.

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