Ethiopia Commodity Exchange Signs MoU with Nigeria

The Chief Executive Officer of the Ethiopia Commodity Exchange, Eleni Z. Gabremadhin (Dr.) signed a Memorandum of Understanding with the Nigerian President Goodluck Johnathan to set up a commodity exchange in Nigeria according to the model of the ECX.

The MoU signed at the ECX office states that the Exchange will provide the assistance and the model for the Nigerian Commodity Exchange to be operational in one year.   

Nigeria already has a commodity and stock exchange markets in place although the commodity exchange is not as modern as the ECX. The Nigerian President is seeking to replace the Abuja Securities and Commodity Exchange plc with an Exchange that is driven by technology.

The new exchange system is expected to launch operations in a month allowing it a chance to seek funding according to sources.

In related news Jakaya Kikwete President of Tanzania visited the daily activities of the Exchange and conducted discussions with the CEO in regards to its functions and management last week.

The ECX was also visited by other participants of the World Economic Forum who were appreciative of the workings of the Exchange.

Source: The Reporter