The Federal Government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) in Abuja, marking a significant step toward transforming the nation’s commodity markets and accelerating its transition to a non-oil, trade-driven economy.
The inauguration, led by the Federal Ministry of Industry, Trade and Investment, signals renewed commitment to strengthening export competitiveness, formalising commodity trade, and unlocking value across key sectors such as agriculture and solid minerals. The initiative aligns with the government’s broader economic reform agenda focused on diversification, job creation, and food security.
Speaking at the ceremony, the Honourable Minister of Industry, Trade and Investment, Jumoke Oduwole, described the development as a major milestone in repositioning Nigeria within regional and global markets. She highlighted the country’s vast resource base and access to over 1.4 billion consumers under the African Continental Free Trade Area as key opportunities for growth.
“This is far more than a ceremonial event it marks the reactivation of a strategic institution central to our economic transformation agenda,” she said, while noting the need to address persistent challenges such as poor traceability, informal trading systems, and infrastructure gaps.
The Minister added that the NCX would play a pivotal role in improving transparency, standardising commodity trading, enhancing price discovery, and attracting investment into market infrastructure, while ensuring Nigerian exports meet international standards.
In his remarks, the Permanent Secretary of the Ministry, Chris Osa Isokpunwu, represented by the Director of the Commodity Exchange Department, Mr. Obasi Edozie, described the inauguration as a landmark move in strengthening Nigeria’s commodity export ecosystem and deepening institutional reforms.
He noted that the composition of the Governing Board reflects the Federal Government’s confidence in their ability to reposition the Exchange and urged members to discharge their duties with professionalism and a strong sense of national responsibility.
In his acceptance speech, the Chairman of the Governing Board, Dalhatu Abubakar, expressed appreciation to Bola Ahmed Tinubu for the trust placed in the Board and pledged to deliver on its mandate.
He outlined key priorities including strengthening governance frameworks, upgrading warehouses and digital trading systems, building capacity for farmers and market operators, and expanding partnerships with financial institutions and international markets.
“With strong collaboration and clear direction, the Exchange will emerge as a globally competitive platform delivering real value to farmers, traders, and the Nigerian economy,” he stated.
The inauguration underscored a renewed commitment by the Federal Government and stakeholders to reposition the NCX as a catalyst for export growth, rural prosperity, and sustainable economic development.
