President Tinubu Appoints Dalhatu Abubakar as Chairman of Nigeria Commodity Exchange
President Bola Ahmed Tinubu has officially approved the appointment of Dalhatu Abubakar as the Chairman of the Nigeria Commodity Exchange (NCX), marking a significant step in the Federal Government's strategy to revitalise the nation's commodity trading sector. This appointment, which takes immediate effect, is accompanied by the comprehensive reconstitution of the NCX governing board, aimed at enhancing Nigeria's non-oil export growth and strengthening market infrastructure.
Strategic Move to Boost Commodity Trading and Food Security
In a statement released on Thursday, the Presidency emphasised that this decision aligns with the administration's Renewed Hope Agenda, which prioritises critical areas such as food security, market efficiency, and export expansion. The statement highlighted that the appointments are part of ongoing efforts to fortify Nigeria's commodity trading ecosystem, improve price discovery mechanisms, enhance market transparency, and drive the expansion of non-oil exports. By focusing on these elements, the government aims to reduce dependency on oil revenues and foster economic diversification.
New Board Members and Their Roles
The newly constituted board includes several key appointments alongside Dalhatu Abubakar. Najah Muhammed, Bamidele Hussein, Mezuo Nwuneli, Obi Igwe, and Foluso Ayo-Olaiya have been appointed as non-executive directors, while Anthony Atuche will serve as the Managing Director. This diverse team is expected to bring a wealth of experience and strategic insight to the NCX, ensuring robust governance and operational effectiveness.
Expected Impact and Strategic Oversight
According to the Presidency, the reconstituted board is tasked with providing the strategic oversight necessary to fully operationalise the exchange. This includes strengthening accountability measures and attracting vital investments into critical areas such as warehousing, logistics, and trade infrastructure. The statement added that the NCX remains a key institutional mechanism for achieving the administration's goals of food security and export diversification. Through structured commodity markets and increased private sector participation, the exchange is poised to play a pivotal role in transforming Nigeria's agricultural and trade sectors.
The move underscores the government's commitment to leveraging institutional frameworks to drive economic growth, with the NCX serving as a cornerstone for enhancing commodity trading and supporting sustainable development initiatives across the country.
