The Benue Investment and Property Company Limited (BIPC) has signed a memorandum of understanding (MoU) with the Nigeria Commodity Exchange (NCX) to tackle post-harvest losses.
Raymond Asemakaha, the group managing director of BIPC, signed the agreement on Friday in Makurdi, describing it as a strategic move to transform Benue’s agricultural economy.
Asemakaha said that the MoU was the result of a three-day roundtable and inspection tour of BIPC-operated warehouses, agro-processing industries, and farms conducted by NCX officials and the Benue chapter of the All Farmers Association of Nigeria (AFAN).
He explained that the partnership would establish a Benue State Commodity Aggregation and Trading Hub.
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According to him, the hub will also strengthen the warehouse receipt system and introduce capacity-building initiatives to enhance farmers’ productivity and market access.
Asemakaha disclosed that NCX would open an office in Benue, list the state’s agricultural products on its trading platform, and oversee both local and export trading of agricultural and solid mineral commodities.
He added that BIPC would mobilise farmers into cooperatives, provide extension services, and ensure modern storage facilities are available across the state.
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“This innovative approach will also help to reduce the risks associated with commodity price fluctuations, ensuring a more stable and predictable market,” he said.
Asemakaha noted that the MoU represented “a shared commitment to leveraging the strengths of both organisations to drive growth, reduce post-harvest losses, and improve the livelihoods of our farmers”.
“By combining NCX’s expertise in commodity exchange and BIPC’s knowledge of the local market, we aim to create a robust warehouse receipts system that benefits all stakeholders,” he added.
The GMD commended Hyacinth Alia, governor of Benue state, for his support, saying the initiative aligns with the administration’s vision of enhancing productivity, promoting exports, and creating sustainable jobs.
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On his part, Anthony Atuche, the managing director (MD) and chief executive officer (CEO) of NCX, reaffirmed the organisation’s commitment to the agreement.
Atuche said Benue was the anchor of NCX’s north central commodity pilot programme.
“We have seen firsthand that Benue is truly the food basket of the nation. This partnership will ensure farmers earn living incomes, gain national and international market visibility, and participate competitively in structured commodity trading,” he said.
Representatives of farmer groups, including Godwin Timinun, AFAN state secretary, Ahen Akawe, a youth leader, and Manasseh Torsue, hailed the agreement and pledged farmers’ readiness to embrace the initiative.
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