The Federal Government has inaugurated the newly reconstituted Governing Board of the Nigerian Commodity Exchange (NCX) as part of efforts to strengthen the country’s commodities market and enhance non-oil trade.
The inauguration ceremony, which took place in Abuja on Wednesday, marks the beginning of a new leadership phase aimed at repositioning the Exchange for improved performance and greater market efficiency.
The development was disclosed via the Exchange’s official X (formerly Twitter) handle and confirmed by the Minister of Industry, Trade and Investment, Jumoke Oduwole.
Speaking on the development, the minister said the newly inaugurated board is expected to provide the strategic direction required to fully operationalise the Exchange and strengthen its role in Nigeria’s commodities ecosystem.
She described the NCX as a critical institution for enhancing price discovery, improving market transparency and driving the expansion of non-oil exports. According to her, the board will provide the oversight needed to strengthen accountability and attract investment into the sector.
The Federal Government added that the move is part of broader efforts to position Nigeria more competitively within regional and global value chains, noting that the board’s role will be instrumental in unlocking the full potential of the country’s commodity trading system.
The inauguration follows the earlier appointment of board members by Bola Ahmed Tinubu.
Dalhatu Abubakar was appointed as Chairman of the Exchange, while Anthony Atuche will serve as Managing Director. Other members of the board include Najah Muhammed, Bamidele Hussein, Mezuo Nwuneli, Obi Igwe, and Foluso Ayo-Olaiya, who will serve as non-executive directors.
The reconstitution of the board aligns with ongoing government reforms aimed at strengthening institutional frameworks within the commodities sector and expanding Nigeria’s non-oil export base.
The Nigerian Commodity Exchange plays a central role in facilitating commodity trading across key sectors of the economy. It provides a structured marketplace for agricultural commodities and extractive resources, helping to improve transparency, efficiency and market access.
The platform is also designed to create a more reliable and equitable trading environment for producers, traders and investors, and is widely regarded as a critical tool for formalising commodity trade and improving overall market efficiency in Nigeria.
