Zimbabwe Mercantile Exchange (ZMX) chief executive officer Collen Tapfumaneyi
THE Zimbabwe Mercantile Exchange (ZMX) and the Lagos Commodities and Futures Exchange (LCFE) have signed a memorandum of understanding (MoU) for structured, transparent and technology-driven commodity trading between Nigeria and Zimbabwe.
The virtual signing ceremony, which took place last Friday, was hosted by a joint bilateral secretariat and attended by regulators, trade officials and market operators from both countries.
This MoU marks the beginning of a strategic collaboration aimed at integrating Africa’s commodity value chains under the African Continental Free Trade Area (AfCFTA).
ZMX is already working on signing similar MoUs with exchanges in Malawi, Zambia and Tanzania that, as of the beginning of this month, are still to be implemented owing to the absence of harmonised trading standards.
This is despite the MoUs being signed in March, when ZMX hosted the Continental Free Trade Area Association of Commodity Exchanges annual conference in Victoria Falls.
The MoUs were signed between ZMX and the Agricultural Commodity Exchange for Africa (Malawi), Zambian Commodities Exchange (Zambia) and Tanzania Mercantile Exchange (Tanzania).
“This collaboration represents more than a trade agreement; it’s a bridge between two economies that share the same vision — to bring farmers, traders, and investors into a single, transparent ecosystem,” ZMX chief executive officer (CEO) Collen Tapfumaneyi said during the virtual signing ceremony.
He emphasised that the ZMX-LCFE framework would create new opportunities for liquidity, price discovery and market access, helping farmers and agribusinesses to unlock real value from their commodities.
“Through this partnership, we are demonstrating that African solutions can drive African trade,” Tapfumaneyi said.
“We are building an ecosystem where a maize farmer in Zimbabwe or a rice farmer in Nigeria can access formal markets, financing, and logistics support within the same structured system.”
LCFE managing director and CEO Akin Akeredolu-Ale described the agreement as a defining moment for Africa’s commodity markets.
“Today’s MoU signing is not just a symbolic gesture … It’s the start of a practical collaboration that connects two forward-looking institutions — LCFE and ZMX — with one shared goal of building transparent, structured, and efficient commodity markets that empower farmers, strengthen value chains, and unlock real trade opportunities across our continent,” he said.
He noted that the partnership aligns directly with the aspirations of the AfCFTA, positioning the two exchanges as leaders in demonstrating how private-sector collaboration can work with public policy to achieve regional integration.
“By working together, LCFE and ZMX are setting an example of how African institutions can create cross-border frameworks that work in practice, not just in theory,” Akeredolu-Ale said.
“The real work begins now — implementing the pilots, testing our systems, and showing that structured trade between African countries is not only possible but scalable.”
The partnership framework outlines a robust roadmap for collaboration between the two exchanges, focusing on trade corridor development, capacity building, financial product innovation and shared data systems.
Hence, this MoU will allow both exchanges to integrate their warehouse receipt platforms and leverage digital tools to improve traceability, compliance and risk management across borders.
Over the next few months, the two exchanges plan to launch pilot projects that include a structured rice export from Nigeria to Zimbabwe and a maize import from Zimbabwe to Nigeria.
The goal will be to test the interoperability of their warehouse systems and cross-border logistics under AfCFTA protocols.
Both the Nigerian Export Promotion Council and ZimTrade will guide trade documentation and compliance, while both countries’ regulatory institutions will oversee harmonisation between them.
It was revealed that the partnership will also make use of the Pan-African Payment and Settlement System to facilitate secure, efficient financial transactions across borders.
As part of its long-term goals, the collaboration aims to strengthen institutional capacity through technical exchanges, joint research, and staff training.
It also envisions developing standardised commodity contracts and warehouse receipt-backed instruments that will allow investors from both countries to participate in trade finance under shared market rules.