The Lagos Commodities and Futures Exchange (LCFE) has indicated its readiness to partner with Ecobank to enable the seamless settlement of trades across Africa as it starts trading few weeks’ time.
The Managing Director of the Exchange, Akin Akeredolu-Ale, stated that the Exchange needs a bank that has the required African spread and superior technology like that of Ecobank that can support it to accomplish its mandate to formalise trade across the continent. He said the Lagos Commodities and Futures Exchange was determined to give Africa trade the needed structure that will enable everyone measure and determine growth within the continent both at national and regional levels. This, he noted, would position Africa to compete better globally.
According to Akeredolu-Ale, partnering with Ecobank will “enable us easily accomplish our vision of enabling trade across the continent. Ecobank had set up a technology that facilitates trade and currency exchange with its wide footprint across Africa and it is only natural for us to seek to partner with such an organisation”. He enumerated the activities of the Lagos Commodities and Futures Exchange to include providing a trading platform for the exchange of agricultural, oil and gas, solid minerals and currency commodities
In his comment, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan, stated that Ecobank’s unique and large Pan-African platform positions the bank to support trade at all levels. According to Akinwuntan, the Ecobank’s technology platform is designed to help unlock the opportunities of the continent, through standardisation across 33 countries, thereby fueling regional integration, trade and investment across borders.
The Ecobank praised the tenacity of the initiators of the Lagos Commodities and Futures Exchange in their quest to formally trade across the continent. He assured them of Ecobank’s support while also noting that relevant regulators will be carried along.