FG inaugurates NCX board to drive non-oil exports, modernise commodity markets

The Federal Government has inaugurated the Governing Board of the Nigeria Commodity Exchange (NCX) in a move aimed at transforming Nigeria’s commodity markets and accelerating the country’s transition to a non-oil, export-driven economy.

The inauguration, held on Wednesday, led by the Federal Ministry of Industry, Trade and Investment (FMITI), underscores renewed efforts to strengthen export competitiveness, formalise commodity trade, and unlock value across key sectors such as agriculture and solid minerals.

According to a statement signed by Obilor-Duru Augustina Okechi, Head of Press and Public Relations at the Ministry, the development aligns with the Federal Government’s broader economic reform agenda focused on diversification, job creation, and food security.

Speaking at the ceremony, Jumoke Oduwole, Minister of Industry, Trade and Investment, described the inauguration as a critical step toward repositioning Nigeria in regional and global markets.

She noted that the country stands to benefit significantly from access to over 1.4 billion consumers under the African Continental Free Trade Area, but must address persistent challenges such as poor traceability, informal trading systems, and infrastructure deficits.

“This is far more than a ceremonial event, it marks the reactivation of a strategic institution central to our economic transformation agenda,” she said.

Oduwole emphasised that the NCX will 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 quality standards.

In his remarks, Chris Osa Isokpunwu, Permanent Secretary of the Ministry, represented by Obasi Edozie, Director of the Commodity Exchange Department, described the inauguration as a landmark step in strengthening Nigeria’s commodity export ecosystem and deepening institutional reforms within the sector.

He noted that the appointment of the Governing Board reflects the Federal Government’s confidence in their ability to reposition the Exchange, urging members to carry out their responsibilities with professionalism and a strong sense of national duty.

He also assured them of the Ministry’s continued support toward achieving measurable economic outcomes.

In his acceptance remarks, Dalhatu Abubakar, Chairman of the Governing Board, expressed appreciation to Bola Ahmed Tinubu for the trust reposed in the Board, pledging 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 deepening partnerships with financial institutions and global 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 said.