Imota Rice's electronic receipts for trading on LCFE

• Published date: 19 January 2023
• Publication title: Nigeria - The Nation

Lagos Commodities and Futures Exchange (LCFE) has concluded arrangements to onboard the trading of electronic receipts of rice and its derivatives of Imota Rice Mill as the company is scheduled for inauguration next Tuesday by President Muhammadu Buhari.

Imota Rice Mill, promoted by the Lagos State Government, is the largest in Africa and the third largest in the world, with installation capacity of 32 Metric Tonnes per hour. It is located at Imota, Ikorodu owned by the Lagos State Rice Company Limited to drive development of the Rice Value Chain and meet the rice demand needs of the nation.

The Mill requires about 200,000 Metric Tonnes of Paddy Rice annually, to produce head rice of about 120,000 metric tonnes and other derivatives. It is estimated to generate 1, 500 direct jobs and 254, 000 indirect jobs.

'Our Exchange is proud to partner with Imota Rice Mill to fulfil its objectives for the development of the commodities ecosystem to meet demand...