Top Posts
African climate change projects secure major funding
Former French PM urges China, Europe to unite...
NDDC, FOSDO launch tree-planting campaign to address climate...
WHO unveils an ambitious blueprint for action on...
New report shows nearly 900 million poor people...
Lagos to Host 2025 International Climate Change Summit
New study shows overheating world will add 57...
NAICOM urges W’African insurers to invest in climate...
Climate change: Nigeria, development partners launch Net Zero...
Nigeria launches net zero project to fight climate...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
Nigeria

Nigeria to set up ‘Energy Exchange’ to trade on power

by Matthew Atungwu April 19, 2023
written by Matthew Atungwu April 19, 2023
540

Similar to the long-established trading on shares, bonds, and other securities on a normal market, Nigerians may soon be able to trade on the country’s energy supply ecology and other derivatives.

As part of a national agenda to improve the large commodities trading ecosystem, Nigeria’s top capital market regulator, Securities and Exchange Commission (SEC), is coordinating initial attempts to build an Energy Exchange.

The SEC has granted permission to the Lagos Commodities and Futures Exchange (LCFE) to trade in a number of commodities and futures related to agriculture, oil and gas, solid minerals, and currencies. At the LCFE, a number of investors are trading in gold. Governor Babajide Sanwo-Olu introduced the LCFE’s gold instrument, known as Eko Gold, in July 2022.

Read Also: google-unveils-nigerians-increasing-interest-in-environmental-problems

Director-General, SEC, Mr. Lamido Yuguda, said the Technical Committee on the Commodities Trading Ecosystem set up by the commission has engaged the Nigerian Bulk Electricity Trading Plc (NBET) on modalities to establish an Energy Exchange.

He said the proposal was part of an elaborate plan to open up the commodities ecosystem.

He said the Nigerian Agricultural Insurance Corporation (NAIC) has also been working with the commission to reduce risks in the agricultural value chain, noting that the Commodities Trading Ecosystem Implementation Committee (CTEIC) saw the acceptance of NAIC as a step to fostering greater collaboration and support for the ecosystem.

According to him, there have also been discussions with the National Insurance Commission (NAICOM), the regulator of the insurance industry, by commodities exchanges on ways of deepening the commodities market by encouraging the involvement of insurance companies, expanding insurance coverage for the commodities trading value chain, and implementing other mechanisms for mitigating risks in the ecosystem.

Story adapted from The Nation

Lamido YugudaNBET
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
AfDB’s 2023 annual meetings to focus on climate change
next post
Osinbajo says Nigeria crucial to Africa’s sustainable energy transition

Related Posts

Lagos to Host 2025 International Climate Change Summit

October 20, 2025

NAICOM urges W’African insurers to invest in climate...

October 16, 2025

Climate change: Nigeria, development partners launch Net Zero...

October 16, 2025

Nigeria launches net zero project to fight climate...

October 14, 2025

CSOs reject water privatisation, seek more investment to...

October 14, 2025

NAICOM speaks on impact of climate change

October 14, 2025

NDDC, others push for climate change awareness in...

October 9, 2025

Report: Nigeria, others may lose $300 billion, 49m...

October 3, 2025

Nigeria insurers prepare to global delegates on climate...

October 3, 2025

Borno govt, NGOs demand funding on climate change...

October 1, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World