Nigeria To Launch Crude Trading at its Commodity Exchange

Africa’s biggest oil producer, Nigeria, plans to offer up to 20% of its crude oil production for trading on its commodities exchange, Akinsola Akeredolu-Ale, the chief executive of the Lagos Commodities and Futures Exchange, told Bloomberg in an interview published on Friday. The official didn’t elaborate on when the exchange’s first-ever crude trading would begin. The goal of the launch of crude oil trading is to expand access to financing for the oil and gas industry, on which Nigeria relies for most of its foreign…