BUCE, Nigerian Commodity Exchange plan co-operation

The Belarusian Universal Commodity Exchange (BUCE) and the Nigerian Commodity Exchange (NCX) plan to establish partnerships and jointly develop exchange trading in bilateral and multilateral formats, sb.by reports with reference to BUCE press service

According to the preliminary agreements reached by representatives of the two organisations during an online meeting, the exchange of information, experience and best practices in areas of mutual interest is the focus of interaction at the initial stage. “In particular this includes the organisation and conduct of spot exchange trading in agricultural products, metals, minerals and industrial goods on the domestic market and for export,” BUCE spokesman Roman Yaniv said. “According to NCX representatives, mainly raw materials such as cocoa and coffee beans, wheat, corn, cotton, millet and rice are traded at NCX, while products with a high degree of processing are widely represented at BUCE. In this regard, the Nigerian side expressed interest in studying the Belarusian experience to possibly further apply the country’s developments in the local market.”

In addition, the parties intend to provide assistance to Belarusian and Nigerian companies interested in purchasing or selling goods using the exchange mechanism. This activity will contribute to strengthening trade and economic ties between the countries and create prerequisites for the growth of mutual trade turnover.

As for multilateral co-operation, the NCX participation in the upcoming annual meeting of the International Association of Exchanges (IAB), of which BUCE is a member, will be the first practical step. The event is scheduled to be held in Minsk in June 2025, and it will be timed to coincide with the 25th anniversary of IAB.