Nigerian president Goodluck Jonathan and Eleni Z. Gabre Madhin (PhD), Chief Executive Officer of the Ethiopian Commodity Exchange (ECX), signed a Memorandum of Understanding on how to establish a commodity exchange in Nigeria after the Ethiopian model, according to the Reporter.

Signed yesterday at ECX’s office, the MoU stipulates that ECX would provide the assistance and the model for the Nigerian Commodity Exchange to be effective in a year’s time.

Nigeria has both stock and commodity exchange markets in place though the latter is not as modern as the ECX. President Jonathan is eager to replace the Abuja Securities and Commodity Exchange Plc with a technology-driven exchange market system.

The new exchange market will commence execution of its business plan in a month’s time and that will give it a chance to look to funding sources.

Separately, Tanzanian president Jakaya Kikwete and Wlamart executives also visited the daily activities of ECX and held discussions with the CEO on Thursday.