MINSK, 31 October (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) and the Nigeria Commodity Exchange (NCX) plan to establish partnership relations and jointly develop exchange trading in bilateral and multilateral formats, BelTA learned from the BUCE press service.
According to preliminary agreements reached by representatives of the two exchanges following the online meeting, the main area of interaction at the initial stage will be the exchange of information, experience and best practices in areas of mutual interest. These include, in particular, the organization and conduct of spot exchange trading in agricultural products, metals, minerals and industrial goods on the domestic market and for export.
According to NCX representatives, the Nigerian exchange is currently trading mainly in raw materials such as cocoa beans, coffee beans, wheat, corn, cotton, millet, and rice. The BUCE also has a wide range of highly processed products. In this regard, Nigeria expressed interest in studying the Belarusian experience with a view to possibly applying BUCE's best practices in the local market.
BUCE and NCX intend to provide assistance to Belarusian and Nigerian companies interested in purchasing or selling goods using the exchange mechanism. These activities will contribute to strengthening trade and economic ties between Belarus and Nigeria and lay down a foundation for the growth of mutual trade.
As for multilateral cooperation, the first practical step here will be NCX's participation in the upcoming general annual meeting of the International Association of Exchanges (IAE), of which BUCE is a member. The event will be held in Minsk in June 2025 to mark the organization’s 25th anniversary.
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