In a significant development for Lagos State, Governor Babajide Sanwo-Olu has officially launched Eko Rice at the state Commodities and Futures Exchange.
This launch marks the introduction of rice produced from the state’s own Imota Rice Mill in Ikorodu, capable of processing 32 metric tonnes per hour, into the market.
Under the Eko Rice contract program, valued at 30 billion naira, the Lagos Commodities and Futures Exchange will supply 15,000 metric tons of uninterrupted paddy to the mill.
This paddy will be milled and made available for sale to the public through subscribers of the program. The Forward Contract for Eko Rice has the distinction of being the first listed and traded commodity in Nigeria’s commodities exchange ecosystem.
The private listing of Lagos rice on the exchange has garnered immense enthusiasm among commodity brokers, farmers, and investors in the market. In fact, the initial trading of 5,000 contracts on the exchange floor amounted to an impressive value of N195 million.
Further reinforcing the significance of this launch, Johnvents Group, an indigenous agribusiness and manufacturing group and a member of CapitalSage Holdings, has announced its partnership with the Lagos Rice Company (LASRICO).
This partnership was announced during the official inauguration of the Eko Rice Contracts Program at the Lagos Commodities and Futures Exchange. As a leading trading and distribution partner, Johnvents Group will facilitate the nationwide distribution of an initial offtake of 5,000 bags of Eko Rice.
During the inauguration ceremony, John Alamu, the Group Managing Director of CapitalSage Holdings, emphasized the immense potential of Nigeria’s agricultural value chain in bolstering food security and driving economic growth.
He acknowledged the importance of collaboration in the current global landscape and expressed Johnvents Group’s commitment to work alongside the government to achieve their shared goals.
Leveraging their extensive experience, strength, and reach across the entire value chain, including production, quality trading, value addition, manufacturing, and distribution, the group aims to maximize the benefits of this collaboration.
Johnvents Group’s support for the Lagos Rice Mill and the Eko Rice Contract Program extends beyond the initial offtake. They have also signed additional forward contracts through their FMCG division, Johnvents Foods Limited.
This support builds upon their prior contributions to the agribusiness value chain, as they were instrumental in establishing the Lagos Rice Mill as the primary supplier of quality paddy rice just a year ago, with the backing of Sterling Alternate Finance.
With a focus on tangible solutions, proactive measures, strategic collaborations, and investments, Johnvents Group remains dedicated to fulfilling its commitments and driving the success of the program.