The Benue Investment and Property Company Limited (BIPC) has signed a Memorandum of Understanding (MoU) with the Nigerian Commodity Exchange (NCX) to address post-harvest losses and enhance structured commodity trading across Benue State.
The agreement is the outcome of a three-day roundtable engagement and inspection tour of BIPC-operated warehouses, agro-processing industries, and farms, which brought together 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.
Under the partnership, both institutions will collaborate to establish a Benue State Commodity Aggregation and Trading Hub, promote organized commodity markets, strengthen the warehouse receipt system, and facilitate capacity-building programs that will improve farmers’ productivity, market access, and pricing transparency.
According to 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. On its part, BIPC will organize farmers into cooperatives, secure cultivation land, provide extension support services, and ensure the availability of modern storage infrastructure across the state.
Speaking at the signing ceremony, Group Managing Director, BIPC, Dr. Raymond Asemakaha expressed confidence that the partnership will significantly reduce post-harvest losses and transform Benue’s agricultural economy.
“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 His Excellency, the Executive Governor of Benue State, Rev. Fr. Dr. Hyacinth Iormem Alia for his leadership and support, noting that the initiative aligns with the state’s vision of increasing productivity, boosting exports, and generating sustainable jobs.
According to the GMD, 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.”
Also speaking, Managing Director and CEO of NCX, Mr. Anthony Atuche, CFA, assured full implementation of the agreement. He described Benue as the anchor state in NCX’s North Central Commodity Pilot Program.
“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 stated.
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 program.
In their separate remarks, 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.
