Group Says Nigeria Will Generate $4bn Yearly.

Lagos Commodities and Futures Exchange says Nigeria will generate $4 billion dollars annually from trading about 50 million barrels on Nigeria’s Commodities exchange.

The Chief Executive of the group, Akinsola Akeredolu-Ale, who disclosed this during a meeting with the Nigerian Security and Exchange Commission in Abuja said, the consideration is that 10 to 20 per cent of Nigeria’s crude oil production should be provisioned for trading on the floor of the Lagos Commodities and Futures Exchange.

He said, it will allow Nigerians to take direct benefits and further aid the growth of the capital market by trading on both crude and refined product contracts, stressing that, the development will be the first time fossil fuels will be traded in Exchange with Africa’s largest oil producer.

According to the Organization of Petroleum Exporting Countries, Nigeria’s crude oil production dropped to 1.23 million barrels per day in March from 1.32 million bpd in February, while, the Minister of Petroleum Resources (Oil), Heineken Lokpobiri, had assured that the government is planning to jerk up crude production to boost the country’s revenue.