LCFE, Heritage Bank, others unlock N445trn commodities ecosystem for economic industrialization

Lagos Commodities and Future Exchange (LCFE), Heritage Bank Plc, Capital Market players and other stakeholders have unlocked the $1trillion (N445trn) commodities ecosystem as avenue to diversify the economy from a crude oil dependent economy to other critical economic sectors.

This was revealed at the historic Commissioning Ceremony and Official Launch of Lagos Commodities & Futures Exchange, with the theme, “New Order, Driving Nigeria’s Economy Through the Commodities Ecosystem,” on Thursday in Lagos.

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This feat, according to key stakeholders will catalyze and transform the Nigerian economy to create value, wealth restore growth and build global competitive economy.

Giving his Goodwill message, the MD/CEO of Heritage Bank, Ifie Sekibo, specifically stated that as the Lead settlement bank in partnership with key stakeholders that are critical to the success of this project, it considered the launch of LCFE as huge potential to unlock the opportunities and wealth of the four asset classes- Agriculture, Solid Minerals, Oil and Gas and Currencies.

Hinting on the partnership, Sekibo explained, “the Collaboration between Heritage Bank and LCFE is designed to align the market to transparent price discovery, standardised platform for trading of commodities across defined asset classes and straight through processing to settlement.”

He affirmed that the promotion of investment in commodities ecosystem by Heritage Bank in partnership with LCFE in its various assets traded Agriculture, Solid Minerals, Oil and Gas and Currencies would increase liquidity support from local commodity exportation to boost the race for the $200billion in FX repatriation and reduce the pressure on exchange rate.

Sekibo added that the partnership was one of the many initiatives of the bank’s foundational objectives of wealth creation, preservation, and transfer across generation.

In his address, the Governor of Lagos State, Babajide Sanwo-Olu stated that the successful commissioning of LCFE will better fulfil the catalysts of growth which is to attract cutting-edge ideas and innovation and improve the inflow of financial transactions and great ideas that will enable businesses to flourish.
[4:31 PM, 8/2/2022] Joshua Adekunle Odeyemi Daily Trust: Access Bank takes business protection bundles to SMEs in North-West

The management of Access Bank Plc revealed that the bank has embarked on a business conversation with its customers especially the Small and Medium Enterprises (SMEs) with a view to support and promote their business engagement through sharing of different business promotion and protection bundles the bank offers.

This was disclosed by the bank’s Deputy Managing Director Mr Victor Etuokwu during the Access Bank cocktails and business conversations held in Kano. According to him, the bank has found it very important to engage and interact with its customers to effectively support its customers, especially the SMEs to achieve success in their businesses.