Lagos Commodities and Futures Exchange (LCFE) and the Lagos State Government through the Ministry of Agriculture have inked an agreement to cooperatively promote the development of the Lagos Rice value chain as part of LCFE’s organic growth plan.
The arrangement is anticipated to close the long-standing deficit in Nigerian rice production, produce various financial instruments that will stimulate economic activity at the Lagos Rice Mill, Imota through LCFE, provide job opportunities, and increase tax income.
The contract was signed on Governor Babajide Sanwo-Olu’s behalf by Dr. Olurotimi Fashola, Special Adviser to the Governor of Lagos State on Rice, and Mrs. Olatokunbo Emokpae, Permanent Secretary, Ministry of Agriculture. Mr. Akin Akeredolu-Ale, the Managing Director of LCFE, and Mrs. Fatima Lawal, the Company Secretary, were present. Mr. Adeyemi Oba, who signed on behalf of LCFE’s subsidiary, Commodities Tradenet Limited, was also present.
The Lagos State Partnership with LCFE, according to Dr. Fashola, was a win-win situation for both parties. He said: “This is the first time any subnational will do this. We are pleased with this collaboration. He claims it’s a way to continue the initiative to guarantee a large-scale rice production in Lagos State for the good of the entire nation.
“We would want to thank Mr. Governor one more. Lagos state has the highest per capita consumption of rice in Nigeria.
“You will realize Lagos has a taste for fine rice and that it consumes the most basmati rice when you take into account smuggling and all the rice that is imported into Lagos. The Lagos Rice Mill Imota, according to Fashola, is catering to this taste.
Mr. Akeredolu-Ale responded by saying that the LCFE was dedicated to the Lagos State Government and that the Rice Mill and The Exchange would lead the Capital Market’s support for the ecosystem.
“Mr. Governor and his staff deserve praise for seeing the importance of bridging this gap with the IMOTA rice mill. The Imota Rice Mill is a fantastic initiative by the Lagos State administration and Mr. Governor. This mill will promote the growth of the rice value chain and provide the country’s need for rice.