Nigeria to generate $4bn yearly from crude oil commodities exchange – LCFE
Lagos Commodities and Futures Exchange has projected that Nigeria will generate $4 billion annually from trading about 50 million barrels on Nigeria’s Commodities exchange.
The Chief Executive of LCFE, Akinsola Akeredolu-Ale, disclosed this recently during a meeting with the Nigerian Security and Exchange Commission in Abuja.
He explained that the consideration is that 10 to 20 per cent of Nigeria’s crude oil production should be provisioned for trading on the floor of the Lagos Commodities and Futures Exchange.
“This will allow Nigerians to take direct benefits and further aid the growth of the capital market by trading on both crude and refined product contracts,” he stated.
With the development, it will be the first time fossil fuels will be traded in Exchange with Africa’s largest oil producer.
According to the Organization of Petroleum Exporting Countries, Nigeria’s crude oil production dropped to 1.23 million barrels per day in March from 1.32 million bpd in February.
However, Petroleum Resources (Oil), Heineken Lokpobiri, assured that the government is planning to jerk up crude production to boost the country’s revenue.
