Nigeria, Zimbabwe link trade powerhouses
The Zimbabwe Mercantile Exchange and the Lagos Commodities and Futures Exchange signed a memorandum of understanding on Friday to establish structured, transparent, and technology-driven commodity trading between Nigeria and Zimbabwe. The virtual ceremony, hosted by a joint bilateral secretariat, included regulators, trade officials, and market operators from both nations.
This agreement marks the launch of a strategic partnership to integrate African commodity value chains within the African Continental Free Trade Area. It follows similar MoUs ZMX signed in March with exchanges in Malawi, Zambia, and Tanzania, though those await implementation due to a lack of harmonized trading standards.
ZMX chief executive Collen Tapfumaneyi said the collaboration creates a shared ecosystem for farmers, traders, and investors, enabling better market access, price discovery, and liquidity. He stressed that African solutions can drive intra-African trade. LCFE Managing Director Akin Akeredolu-Ale called it a practical step toward efficient and transparent markets that empower producers and strengthen regional trade.
The framework outlines joint work on trade corridors, capacity building, financial innovation, and shared digital systems. Both exchanges will link warehouse receipt platforms to improve traceability and risk management. Pilot projects will test rice exports from Nigeria to Zimbabwe and maize imports in the opposite direction, using AfCFTA protocols. The Pan-African Payment and Settlement System will support cross-border transactions, while Nigerian and Zimbabwean agencies will oversee compliance and harmonization.
