Lagos State Set to Become Primary Hub for Agricultural Commodities Trading in Africa as Commercial Sale of Eko Rice from Imota Rice Mill Begins by End of April
The Lagos State Government has announced that the commercial sale of Eko Rice from Imota Rice Mill will commence by the end of April.
Dr Oluwarotimi Fashola, the Special Adviser to the Governor on Agriculture and Rice Mill Initiative, made the announcement during the signing of an agreement with the Lagos Commodities and Future Exchange.
Lagos State is now the first sub-national to move from infrastructure finance through the capital market to commodities finance, with the aim of becoming the primary hub for commodities trading for agricultural products in Africa.
According to a statement by the Director, Public Affairs Ministry of Agriculture, Nike Sodipo, Eko Rice is currently the best rice in Nigeria, and the Imota rice mill has come to challenge the status quo regarding the quality of rice.
Therefore, it is essential to ensure a seamless flow of raw materials to make the mill function optimally. The partnership between the Lagos State Government and the Lagos Commodities and Future Exchange aims to sustain the continuous flow of paddy into Imota.
Dr Fashola stated that the Eko Rice is already in the system, and this partnership will create direct access to it for everyone while ensuring sustainability.
He further added that subsequent administrations can work on and leverage this foundation, making it a win-win for everybody. The Managing Director of Lagos Commodities and Future Exchange, Mr Akinsola Akeredolu-Ale, commended Governor Sanwo-Olu for not only seeing the need to bridge the rice needs of the nation but also understanding the critical role of the capital market.