BUCE and Nigeria Commodity Exchange discussed cooperation
Belarusian Universal Commodity Exchange (BUCE) and Nigeria Commodity Exchange (NCX) plan to partner up in a bid to develop cross-border exchange trade in bilateral and multilateral formats. Following an online meeting, the representatives of the two exchanges agreed that at the initial stage the cooperation will focus on sharing information, experience and best practices in areas of mutual interest. This includes, in particular, spot trading in agricultural products, metals, minerals, and industrial goods on the domestic market and foreign markets.
According to NCX representatives, the Nigerian exchange platform currently allows trading cocoa, coffee, soya, wheat, corn, cotton, millet, and rice, while BUCE also offers a wide range of processed products. With this in mind, the Nigerian side expressed interest in studying the Belarusian experience in order to use some of BUCE’s know-how and expertise in the local market.
In addition, BUCE and NCX intend to assist Belarusian and Nigerian companies interested in buying or selling goods through the exchange platform. This activity will help foster trade and economic ties between Belarus and Nigeria and spur up the growth of mutual trade turnover.
As for multilateral cooperation, the first practical step in this direction will be the participation of NCX in the upcoming General Annual Meeting of the International Association of Exchanges (IAE), of which BUCE is a member. The event is going to be held in Minsk in June 2025 and will be timed to IAE’s 25th anniversary.
