The Federal Government has inaugurated the newly reconstituted governing board of the Nigeria Commodity Exchange (NCX), marking a significant step toward strengthening the country’s commodity market framework.

Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed the development in a statement shared on Wednesday, describing the exchange as a critical driver of price discovery, market transparency, and the expansion of non-oil exports.

According to her, the newly constituted board is expected to provide the strategic direction needed to fully operationalise the exchange, enhance accountability, and attract much-needed investment.

“The new board will provide the strategic oversight required to fully operationalize the Exchange, strengthen accountability, and attract vital investment, positioning Nigeria more competitively within regional and global value chains,” she said, while congratulating the appointees on their new roles.

The inauguration follows the approval by President Bola Tinubu on April 2 of the appointment of Dalhatu Abubakar as chairman of the exchange, alongside other members of the governing board.

The board comprises Najah Muhammed, Bamidele Hussein, Mezuo Nwuneli, Obi Igwe, and Foluso Ayo-Olaiya as non-executive directors, while Anthony Atuche has been appointed as managing director.

The Presidency noted that the reconstituted board is expected to drive the full operationalisation of the exchange and stimulate investment in critical areas such as warehousing, logistics, and trade infrastructure.

It added that the move aligns with the administration’s Renewed Hope Agenda, which prioritises food security, improved market efficiency, and the expansion of Nigeria’s export base.