Business
LCFE lists N23.4bn Eko rice contracts

…to usher in new era for Nigeria’s commodities market
By Peter Egwuatu
The Lagos Commodities and Futures Exchange (LCFE) has listed Eko Rice Classic Contracts valued at N23.4 billion, marking a major milestone in the transformation of Nigeria’s agricultural and commodities sectors.
A total of 3,000 contracts were listed at an initial price of N60,000 each, appreciating by 10% to N66,000 at the close of trading on Monday , a strong indication of investor confidence and market potential.
This landmark listing highlights LCFE’s ongoing commitment to reforming Nigeria’s commodities ecosystem by fostering greater transparency, liquidity, and investment opportunities across the value chain.
“Nigeria is an agrarian nation, yet for many years, we lacked a commodities exchange that truly reflects the value of our natural resources. Today’s listing marks a new chapter in our economic history.The launch of Eko Rice Paddy Contracts is a collective step towards diversifying our economy away from crude oil. It will strengthen the Made-in-Nigeria brand, promote standardisation, and ensure quality control. I look forward to the day when countries like Ghana, Mali, and Côte d’Ivoire import rice from Nigeria.” said Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC)
Lagos State Commissioner for Agriculture, Abisola Olusanya, speaking on behalf of Governor Babajide Sanwo-Olu, praised LCFE for the initiative. “This listing demonstrates that a well-structured agricultural sector can drive economic growth and generate sustainable employment for millions. Eko Rice will play a vital role in reducing rice importation and boosting Nigeria’s foreign exchange earnings”, she asserted.
Echoing the sentiment, Lagos State’s Special Adviser on Agriculture and Food Systems, Dr. Oluwarotimi Fashola, applauded LCFE for introducing innovation and building trust within the commodity market. He emphasized that agriculture in Nigeria should be seen not only as a means of sustenance but also as a viable investment opportunity.
Akin Akeredolu-Ale, Managing Director and Chief Executive Officer of LCFE, described the Eko Rice Classic listing as a pivotal development for Nigerian agriculture. “This is more than just a contract listing — it’s a watershed moment for Nigeria’s commodities market. The ₦23.4 billion Eko Rice Classic Spot Contract shows that agriculture is not only viable but bankable. It sets a benchmark for quality and reinforces the vital role of commodity exchanges in national development.”
In his welcome remarks, LCFE Chairman Onyenwechukwu Ezeagu stated that the listing sends a clear message to the global community, Nigerian farmers, processors, innovators, and brokers are evolving and ready to compete on the world stage.
Delivering the vote of thanks, LCFE Director Sam Onukwue described the listing as a powerful endorsement of Nigeria’s commodity market and a bold statement about the future of the nation’s commodity ecosystem.
The post LCFE lists N23.4bn Eko rice contracts appeared first on Vanguard News.
Business
LPG: FG targets 5m homes for cooking gas transition — Ekpo
•Says Nigeria’s development hinges on gas utilisation
By Ediri Ejoh
The Federal Government has reaffirmed its commitment to expanding gas utilisation, saying it is targeting five million households to transition from firewood, kerosene and other biomass fuels to Liquefied Petroleum Gas (LPG) as part of efforts to cut carbon emissions and improve public health.
Speaking at the 2026 Nigeria Oil and Gas (NOG) Conference and Exhibition, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria’s economic development depends largely on harnessing its vast gas resources.
According to him, “Nigeria sees gas as its transition fuel. We are not opposed to the global energy transition, but every country must transition based on its available resources. For Nigeria, that resource is natural gas.”
He added, “Gas is essential because its utilisation cuts across power generation, industrialisation, fertiliser production, household energy and transportation. Gas is the solution for Nigeria. That is why Mr. President created the office of the Minister of State for Gas and provided incentives under the Petroleum Industry Act (PIA) to deepen gas utilisation.”
Ekpo said, “In the past, gas was undervalued, but today it has become central to addressing climate change. We are intentionally deploying technologies that reduce carbon emissions through greater gas utilisation.”
He further stated, “Under the Decade of Gas Initiative, we have identified key projects that will bring gas closer to Nigerians. We are targeting about five million homes to switch from firewood, kerosene and biomass to LPG. This will improve household health while reducing carbon emissions. We are driving this because Nigeria has enormous gas reserves.”
Also speaking, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said ongoing fiscal and sector reforms have strengthened investor confidence.
He said, “Nigeria is strategically positioned for growth. Investors can be assured that their capital is safe and will generate returns. We are positioning the country for global competitiveness.”
Business
FG suspends enforcement of new internet platform, digital economy regulations
By Progress Godfrey
The Federal Government has suspended the enforcement of new regulations affecting internet platforms, online intermediaries and other cross-cutting digital economy issues pending the completion of a national policy review.
The directive was contained in a statement issued by the Minister of Communications, Innovation and Digital Economy Dr Bosun Tijani, on Tuesday, after a strategic meeting with the leadership of the Nigerian Communications Commission (NCC), National Information Technology Development Agency (NITDA), and Nigeria Data Protection Commission (NDPC).
Tijjani said the decision aimed to maintain the current regulatory position while work continues on a harmonised national policy and governance framework for the digital economy.
He explained that the rapid growth of the digital economy has created overlaps in the responsibilities of sector regulators, making closer coordination necessary to provide legal certainty and support investment, innovation and consumer confidence.
As part of the directive, agencies have been asked to defer the implementation or enforcement of any recently issued regulation, code, guideline, framework, directive or administrative requirement relating to internet platforms, online intermediaries and other cross-cutting digital economy issues that are under policy harmonisation.
Tijani said: “The existing regulatory status quo shall be maintained with respect to matters relating to internet platforms, online intermediaries and other cross-cutting digital economy issues currently undergoing inter-agency policy harmonisation under the Ministry’s coordination.
“Relevant agencies are to defer the implementation or enforcement of any recently issued regulation, code, guideline, framework, directive or administrative requirement relating to Internet platforms, online intermediaries or other cross-cutting digital economy matters, to the extent that such provisions concern areas currently undergoing policy harmonisation under the Ministry’s coordination.
“The above direction is without prejudice to the statutory responsibilities of the respective institutions. Accordingly, all other provisions of existing regulations, guidelines, codes and directives that fall squarely within the express mandates of the relevant agencies under extant laws shall remain fully operational and enforceable, provided they are consistent with the policy direction issued by the Minister.” The minister also announced the establishment of a Joint Technical Coordination Committee comprising representatives of the NCC, NITDA and NDPC under the Office of the Minister.
Business
Dangote Cement targets 20% emissions cut, expands capacity to 80mtpa
By Yinka Kolawole
Dangote Cement Plc has unveiled plans to cut net carbon dioxide (CO‚ ) emissions intensity by 20 per cent while expanding production capacity to 80 million tonnes per annum (mtpa) by 2030, as it pursues its ambition of becoming Africa’s most sustainable and globally competitive cement producer.
Presenting the company’s 2025 Sustainability Scorecard at its 17th Annual General Meeting in Lagos, Chairman, Emmanuel Ikazoboh, said sustainability has become a core business strategy driving growth, competitiveness and long-term value creation across its African operations.
He disclosed that the company has approved a new decarbonisation roadmap, including migrating virtually its entire Nigerian truck fleet to Compressed Natural Gas (CNG) by 2027, excluding the Gboko plant, while electric trucks will be introduced from 2026.
Ikazoboh also said the company is expanding port infrastructure at Apapa, Onne and Lekki to strengthen export capacity, while pursuing investments that will increase installed production capacity to 80mtpa by 2030, including new operations in Botswana and Zimbabwe.
On environmental performance, he said Dangote Cement has reduced CO‚ emissions intensity by 6.5 per cent from its 2021 baseline, cut energy intensity by 1.7 per cent, lowered overall energy consumption by four per cent and reduced water use by eight per cent through increased deployment of alternative fuels, energy-efficient technologies and lower clinker production.
According to him, the company also co-processed over 437,000 tonnes of waste as alternative fuel, reducing dependence on fossil fuels and improving resource efficiency.
Ikazoboh added that Dangote Cement created 625 direct green jobs during the year, increased social investment spending by 56 per cent, raised graduate trainee recruitment by 74 per cent and invested N2.1 billion in employee training.
He said the company also strengthened its ESG framework with new Artificial Intelligence Risk Management, Biodiversity and Disability Inclusion policies, while integrating 297 local vendors into its ESG-focused supply chain programme, positioning it for sustainable growth and supporting Africa’s low-carbon industrial transition.
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