Benue Investment and Property Company Limited (BIPC) and Nigerian Commodity Exchange (NCX) signed a memorandum of understanding (MoU) to tackle post-harvest losses and boost structured commodity trading in the state to establish a Commodity Aggregation and Trading Hub, which will strengthen warehouse receipt systems, and enhance market access for farmers.
The agreement was the outcome of a three-day roundtable engagement and inspection tour of BIPC. It brought together players in operated warehouses, agro-processing industries, and farms, NCX officials, the Benue State chapter of the All Farmers Association of Nigeria (AFAN), members of various farm cooperatives as well as other key stakeholders in the agricultural value chain.
Our correspondent gathered that under the partnership, both institutions will collaborate to establish a Benue State Commodity Aggregation and Trading Hub, promote organised commodity markets, strengthen the warehouse receipt system, and facilitate capacity-building programmes that will improve farmers’ productivity, market access, and pricing transparency.
It was also gathered that in the MoU, the Nigerian Commodity Exchange will set up an office in Benue State, list Benue products on NCX trading platform, provide professional inventory and warehouse management, and oversee local and export trading of agricultural and solid mineral commodities.
While BIPC, on its part will organise farmers into cooperatives, secure cultivation land, provide extension support services, and ensure the availability of modern storage infrastructure across the state.
Speaking during the signing ceremony, the group managing director of BIPC, Dr. Raymond Asemakaha, expressed confidence that the partnership will significantly reduce post-harvest losses and transform Benue’s agricultural economy.
According to him, “this Memorandum of Understanding (MOU) signifies a shared commitment to leveraging the strengths of both organizations to drive growth, reduce post-harvest losses, and improve the livelihoods of our farmers. By combining NCX’s expertise in commodity exchange and BI’s knowledge of the local market, we aim to create a robust warehouse receipts system that benefits all stakeholders.”
He commended the Governor of Benue State, Hyacinth Alia for his leadership and support, noting that the initiative aligns with the state’s vision of increasing productivity, boosting exports, and generating sustainable job opportunities.
The GMD said, “the implementation of a warehouse receipts system will provide farmers with access to affordable credit, enable traders to purchase commodities at fair prices, and give investors a secure way to participate in the agricultural value chain.
“This innovative approach will also help to reduce the risks associated with commodity price fluctuations, ensuring a more stable and predictable market.”
In a remark, the managing director and CEO of NCX, Anthony Atuche, assured full implementation of the agreement, even as he described Benue as the anchor state in 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.
In separate remarks, representatives of farmer groups, including AFAN State Secretary Prof. Godwin Timinun; Youth Leader, Ahen Akawe; and Manasseh Torsue, welcomed the initiative and pledged farmers’ readiness to key into the programme.
Also contributing, the BIPC’s head of Business Development and Strategy, Theresa Abeda; company secretary, Jospehath Ioryoosu (Esq.); and chief risk officer, Andrew Simon, reaffirmed the company’s commitment to strengthening policies that eliminate post-harvest losses and improve the agricultural value chain.
