By Chris Agabi
To curb arbitrary pricing of commodities and protect local farmers in Benue State, BIPC Has introduced a disruptive mechanism to ensure fair pricing of commodities.
BIPC introduced price floors or ceiling on commodities to protect both consumers and farmers as a major dealer.
With BIPC role in the price advisory space, it has caused disruption in the pricing to make essential farm produces more affordable and also impact positively food the security in the state. BIPC now advices on prices on major commodities as a subtle regulatory mechanism.
With the BIPC’s initiative, prices of agro commodities in the market especially soyabeans is more fair and not exploitative.
This move has has also stopped sharp practices from middle men that usually hold farmers’ produces to resell at exorbitant prices.
Recall that the company in November last year promise to regulate price in the market space in benue by introducing off-take of agro commodities such paddy rice, sesame seed, soyabeans, maize, guinea corn and other commodities
The aimed is to promote competitive markets by encouraging private sector investment in agricultural marketing and processing. This can provide subsidies or incentives to farmers to reduce production costs and increase supply.This can help reduce prices by increasing efficiency and addressing food insecurity and improving the economic conditions of Benue Farmers.
The Group Managing Director and Chief Executive officer of BIPC, Dr. Raymond Asemakaha-CFA, says the company initiative has succeeded in reducing the prices of soyabeans that was sold N980 per kilogram in November and December to N970 per kilogram; while paddy rice that was sold during the period at N760 per kilogram is now sold at N800 per kilogram for soyabeans and N600
The GMD stated that we are not going to relent until consumers and farmers has value for their money as BIPC move to ensure fair pricing.
He indicated that Soyabeans price may further drop to N55 Per kilogram in the coming weeks.
Asemakaha highlighted that the it’s large volume purchase has achieved the purpose it was intended as it has guaranteed market, created fair prices and increased income for Benue Farmers.
“As a result of this massive exercise by the company, this has triggered the crash of Commodities in the market providing relief to consumers and farmers.”
The GMD added that the Agro commodities initiative will ensure Benue Civil Servants and the good people of Benue have food Security at affordable prices.
He commended His Excellency, Rev. Fr. Dr. Hyacinth Iormem Alia, the Executive Governor of Benue for reducing poverty, improving livelihoods and ensuring Sustainable development through the scheme.
The ongoing exercise is expected to continue in other major commodities including building materials, spare parts and others to foster positive change with long term benefits to the citizens of Benue State.
