By Joy Onu
The Federal Government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) in Abuja, signalling renewed efforts to strengthen Nigeria’s commodity trading system and accelerate the country’s transition to a non-oil, export-driven economy.
A press statement by Obilor-Duru Augustina Okechi, Head, Press and Public Relations at the Federal Ministry of Industry, Trade and Investment, said the inauguration forms part of broader reforms aimed at improving commodity trading systems, boosting export competitiveness, and unlocking economic opportunities across Nigeria’s agriculture and solid minerals sectors.
The statement added that the activation of the governing board underscores the Federal Government’s commitment to revitalise the Exchange and strengthen Nigeria’s position in regional and global commodity markets.
Speaking during the ceremony in Abuja, the Minister of Industry, Trade and Investment, Jumoke Oduwole, described the move as a strategic step toward repositioning Nigeria within global commodity markets. She noted that Nigeria’s vast natural resources, combined with access to more than 1.4 billion consumers under the African Continental Free Trade Area, present significant opportunities for export expansion if structural challenges are addressed.
According to the minister, the Exchange is expected to enhance transparency in commodity trading, strengthen price discovery mechanisms, and promote standardisation within the market. She added that the reforms would also help improve product traceability, attract investment in market infrastructure, and ensure Nigerian commodities meet international export standards.
Also speaking at the event, the Permanent Secretary of the ministry, Chris Osa Isokpunwu, represented by the Director of the Commodity Exchange Department, Obasi Edozie, described the inauguration as an important step toward strengthening Nigeria’s commodity export ecosystem. He said the appointment reflects the Federal Government’s confidence in the board’s capacity to reposition the Exchange and deepen institutional reforms in the sector.
Responding on behalf of the board, its Chairman, Dalhatu Abubakar, expressed appreciation to Bola Ahmed Tinubu for the confidence reposed in the board and pledged to work toward repositioning the Exchange as a competitive platform for commodity trading. He outlined priorities including strengthening governance structures, upgrading warehouse and digital trading infrastructure, building capacity for farmers and market operators, and expanding partnerships with financial institutions and international markets.
The inauguration of the board marks a fresh attempt to reposition the Exchange as a key platform for organised commodity trading and export growth in Nigeria.
