President Bola Ahmed Tinubu has approved the appointment of Dalhatu Abubakar as Chairman of the Nigeria Commodity Exchange (NCX), alongside the reconstitution of its governing board.
The announcement was disclosed in a statement issued by the presidency on Thursday.
The appointment, which takes immediate effect, is part of efforts by the Federal Government to strengthen Nigeria’s commodity trading ecosystem and promote non-oil export growth.
What the presidency is saying
The presidency said the reconstitution of the NCX board aligns with ongoing efforts to expand Nigeria’s non-oil export base.
- “The appointments are part of ongoing efforts to strengthen Nigeria’s commodity trading ecosystem, enhance price discovery, improve market transparency, and drive the expansion of non-oil exports in line with the renewed hope agenda.”
The newly appointed board members include Najah Muhammed, Bamidele Hussein, Mezuo Nwuneli, Obi Igwe, and Foluso Ayo-Olaiya as non-executive directors.
- Najah Muhammed (non-executive director)
- Bamidele Hussein (non-executive director)
- Mezuo Nwuneli (non-executive director)
- Obi Igwe (non-executive director)
- Foluso Ayo-Olaiya (non-executive director)
Anthony Atuche was also appointed as Managing Director of the exchange.
The statement noted that the new board is expected to reposition the exchange to play a more active role in Nigeria’s commodities market.
Get up to speed
The Nigeria Commodity Exchange serves as a structured marketplace for trading agricultural commodities and extractive resources.
- It facilitates transparent and efficient trading by improving price discovery and market access.
- The exchange is designed to create a more reliable and fair marketplace for producers, traders, and investors.
- It also aims to unlock value across Nigeria’s agricultural and extractive sectors through a unified trading platform.
The NCX is seen as a critical institution for formalising commodity trade and improving market efficiency in Nigeria.
Dalhatu Abubakar, a businessman from Kano State, is Chairman of Al-Hamsad Integrated Rice Mills and President of the Conference of Northern States Chambers of Commerce, Industry, Mines and Agriculture.
More insights
The presidency stated that the reconstituted board will provide the strategic direction required to fully operationalise the exchange.
- “The reconstitution of the NCX board will provide the strategic oversight required to fully operationalise the exchange, strengthen accountability, and attract investment into warehousing, logistics, and trade infrastructure.”
It added that the exchange will play a key role in enhancing food security and supporting export diversification.
- “Through structured commodity markets and increased private sector participation, the NCX will help formalise commodity trade, improve traceability, stabilise markets, and position Nigeria competitively within regional and global value chains.”
The statement also highlighted Abubakar’s experience, noting his previous role as President of the Kano Chamber of Commerce, Industry, Mines and Agriculture.
The government believes the revamped board will help unlock investment across critical segments of the commodity value chain.
What you should know
The appointment comes amid rising concerns over increasing food prices and inflationary pressures across Nigeria.
- Traders have reported rising costs of transportation and production, leading to higher prices of food items.
- Prices of key staples such as tomatoes and onions have surged significantly in recent months.
- At Orange Market along the Abuja-Keffi road, a basket of tomatoes now sells for as high as N35,000, up from between N9,000 and N10,000 previously.
The development underscores the importance of strengthening commodity markets to improve price stability and food supply across the country.
