Commodities exchange secures approval for petroleum liquids trading

The Lagos Commodities and Futures Exchange (LCFE) has obtained a license from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to enable the trading and clearing of petroleum liquids. This approval is expected to enhance price discovery, transparency, and investment in Nigeria's energy market, as it establishes a structured marketplace for petroleum liquids, linking the physical market with the country's capital market.

The license was announced in Abuja at a stakeholder event, with senior representatives from various organizations present. Ten petroleum liquid traders have already committed to participating in the exchange, creating an initial pool of market participants. LCFE's Managing Director and CEO, Akin Akeredolu-Ale, emphasized that the approval marks a defining moment for Nigeria's commodities market, paving the way for a transparent, technology-enabled marketplace that connects the physical energy market with the capital market.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.