Barring unforeseen circumstances, the newly licenced Lagos Commodities and Futures Exchange ( LCFE) said it is targeting no fewer than 10 million Nigerian youths for empowerment as commodities traders under its proposed seamless capacity building.
The Chief Executive Officer, LCFE, Akin Akeredolu-Ale disclosed this during a programme titled “ LCFERings the Bell for Financial Literacy”, on the Exchange in commemoration of 2020 World Investment Week (WIW) which focuses on financial literacy.
According to him, the current investing population in the Nigerian capital market is still heavily populated by the older generation and the LCFE is interested in introducing and attracting the younger generation.
“The large varying commodities available due to the vast natural resources in Nigeria provides the opportunities for the generation of different types of investment products. The listing of commodity contracts and commodity-backed commercial papers for capital raising on a commodities exchange by stakeholders of the commodities ecosystem is one of many ways that new and existing investors of the capital market can participate. Other investible options available include futures, forwards and spots contracts based on all forms of commodities- Agriculture, Oil and Gas, Solid Minerals and Currencies.
We are committed to creating awareness for the investing public through a carefully planned list of knowledge sharing sessions which will be conducted in partnership with the regulators and other stakeholders of the capital market and the commodities ecosystem. These knowledge sharing sessions have been carefully planned to highlight various commodity finance areas ranging from investible ethical instruments, options for pension fund investment in commodities and many more.” Akeredolu-Ale said. Highlighting the pivotal role of technology in finance, he noted that the LCFE, as a technology driven commodities exchange, understands the role of technology in finance and is exploring all the different and new technically driven trends in the Fintech space.