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Commodities Contribute 70% to Nigeria’s GDP, says LCFE

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The Lagos Commodities and Futures Exchange has said commodities contribute about 70 per cent to Nigeria’s Gross Domestic Product.

Mr Akin Akeredolu-Ale, the Managing Director and Chief Executive Officer, said this on Friday while restating the LCFE’s commitment to advocacy as a strategy to create awareness on how the commodities exchange could grow the nation’s GDP in 2022, according to a statement.

He commended the Central Bank of Nigeria and the Securities and Exchange Commission on their roles in ensuring the uptrend of activities in the Nigerian commodities ecosystem.

He, however, highlighted the need to address the dearth of fungible instruments and put a proper risk management structure in place to activate trading in the ecosystem.

During an interactive session with journalists in Lagos on ‘LCFE’s journey so far and outlook for 2022’, Akeredolu-Ale explained that for commodities ecosystem to thrive and contribute to a country’s economic growth and development, instruments had to be created.

He said, “Nigeria must have a full structure in place for commodities exchanges to operate optimally. It is like a green field in Nigeria. A lot of participants are used to trading equity and fixed income securities. At LCFE, our outlook for 2022 is more on advocacy to encourage trading in this Ecosystem, particularly our teaming youth population. We have fungible instruments.

“We have commenced proof of concept trade as preparation to full trade. Commodities contribute about 70 per cent to Nigeria’s Gross Domestic Product. The industry generates 80 per cent of employment. The focus of foreign countries on Nigeria and Africa is commodities and most of the time, not infrastructure.

He said the LCFE was already working on guidelines and frameworks for commodities notes, the listing of Exchange Traded Funds, cold chain and logistics investments, stakeholders’ engagement and strategic partnerships.

Dr Allwell Umunnaehila, the Head of Operations,  said some of the milestones of LCFE in the short period of its existence included on-boarding of dealing member firms, settlement banks, signing of Service Level Agreement with NIBSS and collateral managers, the commencement of trades, and establishment of rules for private and public listings.


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General News

FG Orders Installation of 5000 CCTV Cameras for Surveillance in Plateau

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President Bola Ahmed Tinubu has directed the immediate installation of 5,000 CCTV cameras across identified flashpoints in Plateau State as part of urgent measures to address the worsening security situation in the state.

FG Orders Installation of 5000 CCTV Cameras for Surveillance in Plateau

The President gave the directive during an emergency visit to Plateau on Thursday, where he held a brief stakeholders’ meeting at the Yakubu Gowon Airport following the recent killings in Angwan Rukuba, Jos, where at least 28 persons were killed by unidentified gunmen.

Tinubu also approved the formation of a delegation of key stakeholders to engage in further deliberations on lasting solutions to the security challenges in the state.

He condoled with families of the victims and directed that support be provided to cushion their losses.

President Bola Tinubu while expressing deep sympathy to families of victims said the installation of surveillance cameras was part of a deliberate move towards addressing the kind of attacks that befell residence of the recent attack in the State.

In his remarks, Governor Caleb Mutfwang appreciated the President’s visit and show of concern, but expressed worry over the recent wave of attacks in the state, describing the situation as disturbing and requiring urgent attention.

The meeting had in attendance, former Governors, serving and former National and State Assembly members, traditional rulers, government appointees as well as relatives of those killed in the Angwan Rukuba attack.


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FG Rolls Out N12Bn Digital Research Clusters to Boost Innovation Economy

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Federal Government yesterday unveiled a N12 billion investment in digital economy research, marking a strategic shift towards knowledge-driven development as Nigeria positions itself as a key player in the global digital landscape.

FG Rolls Out N12bn Digital Research Clusters to Boost Innovation Economy

Declaring the launch of the National Digital Economy Research Clusters under the Building Resilient Digital Infrastructure for Growth (BRIDGE) project, Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, said the initiative mobilises over 200 researchers from universities and research institutions nationwide to produce data-driven solutions for pressing national challenges.

Speaking at a press conference in Abuja, Tijani described the programme as an essential complement to infrastructure expansion, including the ongoing deployment of 90,000 kilometres of fibre optic cable across the country.

He stressed that sustainable growth in the digital sector now hinges on robust research, innovation and evidence-based policies rather than infrastructure alone.

“As Nigeria expands its digital economy, attention is shifting from infrastructure to the knowledge that drives it,” the minister stated, adding that the sector was emerging as a major contributor to national GDP.

The research clusters will tackle critical areas including connectivity, digital public infrastructure, skills development, job creation, online safety and emerging technologies such as artificial intelligence.

Tijani explained that the project aims to bolster Nigeria’s research capacity while ensuring local insights guide policy and technology adoption.

The Federal Ministry of Education is collaborating to synchronise academic research with national priorities and advance specialised training.

Minister of Education, Dr Tunji Alausa, underscored universities’ evolving role as hubs of innovation and problem-solving beyond traditional learning.

The BRIDGE project aligns with broader government strategies to promote digital inclusion, spur economic growth and elevate Nigeria’s competitiveness in the global digital economy.

Observers note that the programme’s impact will depend on effectively converting research findings into implementable policies across sectors.

For the administration, the message is clear: a resilient digital economy demands not just infrastructure, but the intelligence to power it.


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Myitura Launches Women-Focused Healthcare Financing Solutions to Bridge Access Gap

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In commemoration of Women’s Month, health-tech platform Myitura has released a new white paper addressing the critical gaps in healthcare financing for women in Nigeria.

Titled “Closing the Gap: Healthcare Financing for Women in Nigeria,” the report highlights how high out-of-pocket costs, limited insurance coverage, and socio-economic factors continue to prevent women from accessing timely healthcare.

According to the report, over 70% of healthcare expenses in Nigeria are paid out-of-pocket, disproportionately affecting women who often delay care due to financial and social constraints.

“When women can afford to take care of their health early, we don’t just save lives; we strengthen families, communities, and the economy,” said Chialuka Kelechi, MyItura’s Chief of Staff.

Key Insights from the White Paper:

  • Preventable conditions often escalate due to delayed care
  • Women are more likely to deprioritize their own health
  • Affordable, structured healthcare financing can significantly improve outcomes

Introducing a Women’s Health Initiative

As part of its commitment, Myitura is launching affordable women-focused health packages (powered by Mediloan), starting at ₦58,180, designed to encourage preventive care and early detection.

The package provides access to:

  • Fasting/Random Blood Sugar
  • Urinalysis
  • Electrolytes
  • Urea
  • Creatinine
  • Pap Smear Submitted slides
  • HIV I & II Rapid (Qualitative)
  • Hepatitis B Surface Antigen Screening (Rapid)
  • Hepatitis C Virus Screening (Rapid)
  • Abdominopelvic Ultrasound
  • Ongoing support via the Myitura platform

Access:

Women can access these packages by downloading the Myitura app, which makes healthcare more accessible and convenient.

Myitura is a health-tech platform focused on improving access to healthcare through financing, technology, and preventive care solutions.

 


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