The Federal Government has inaugurated the newly reconstituted Governing Board of the Nigeria Commodity Exchange (NCX) as part of efforts to strengthen the country’s commodities market.
The development was disclosed in a post on the Exchange’s official X handle and confirmed by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole.
The inauguration, which took place in Abuja on Wednesday, signals the commencement of a new leadership phase aimed at repositioning the Exchange for improved market performance.
What the FG is saying
Dr. Oduwole said the newly inaugurated board is expected to provide the strategic direction needed to fully operationalise the Exchange.
- “The Nigerian Commodity Exchange is a key catalyst for enhancing price discovery, improving market transparency, and driving the expansion of non-oil exports.”
- “The new board will provide the strategic oversight required to fully operationalize the Exchange, strengthen accountability, and attract vital investment.”
The Federal Government noted that the move will help position Nigeria more competitively within regional and global value chains, noting that the board’s role will be critical in unlocking the full potential of Nigeria’s commodity trading ecosystem.
Get up to speed
The inauguration follows the earlier appointment of a new board by President Bola Tinubu.
- Dalhatu Abubakar was appointed as Chairman of the Exchange.
- Anthony Atuche was named Managing Director.
- Other board members include Najah Muhammed, Bamidele Hussein, Mezuo Nwuneli, Obi Igwe, and Foluso Ayo-Olaiya as non-executive directors.
The reconstitution aligns with efforts to expand Nigeria’s non-oil export base.
The move is part of broader reforms aimed at strengthening institutional frameworks within the commodities sector.
What you should know
The Nigeria Commodity Exchange plays a central role in facilitating commodity trading across key sectors.
- It provides a structured marketplace for agricultural commodities and extractive resources.
- The platform enhances transparency and efficiency through improved price discovery and market access.
- It is designed to create a more reliable and fair trading environment for producers, traders, and investors.
The NCX is widely regarded as a critical institution for formalising commodity trade and improving overall market efficiency in Nigeria.
