The Lagos Commodities and Futures Exchange (LCFE), and the Amalgamated Traders Associations of Mile 12 International Market have signed a Memorandum of Understanding (MOU) aimed at revolutionising trade practices through the establishment of commodities auction market.
The agreement was formalised during a ceremony held at the LCFE headquarters in Lagos. Speaking at the event, the Managing Director and Chief Executive Officer of LCFE, Akin Akeredolu-Ale, described the launch of the Lagos auctions market as a significant move to in align local trade with global standards.
He noted that the initiative draws inspiration from Zimbabwe’s successful auctions market, which operates weekly and serves as a model for transparent price discovery, structured and regulated trading.
According to him, the primary objective of the Lagos auctions market is to create a structured and regulated environment for trading, ensuring compliance with strict standards for sanitation, packaging, and overall produce quality.
Akeredolu-Ale emphasized that this initiative was consistent with the Lagos State’s vision of becoming a 21st-century city with goods and services that meet international benchmarks.
