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In a landmark move to revolutionize agriculture in Benue State, the Benue Investment and Property Company Limited (BIPC) has signed a Memorandum of Understanding (MoU) with the Nigerian Commodity Exchange (NCX) aimed at curbing post-harvest losses, establishing structured commodity trading, and creating a robust Benue State Commodity Aggregation and Trading Hub. The agreement, finalized after a three-day roundtable and inspection tour of BIPC-operated warehouses, agro-processing industries, and farms, brings together NCX officials, the Benue State Chapter of the All Farmers Association of Nigeria (AFAN), farmer cooperatives, and key stakeholders in the agricultural value chain.
Under the partnership, NCX will establish an office in Benue State, list local products on its trading platform, provide professional inventory and warehouse management, and oversee both local and export trading of agricultural and solid mineral commodities. BIPC, on its part, will organize farmers into cooperatives, secure cultivation land, deliver extension support services, and ensure modern storage infrastructure is available across the state. The collaboration will also focus on capacity-building programs to boost farmers’ productivity, improve market access, and enhance pricing transparency.
Speaking at the signing ceremony, BIPC Group Managing Director, Dr. Raymond Asemakaha, expressed strong confidence that the partnership will significantly reduce post-harvest losses and transform Benue’s agricultural economy. “This 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,” he said. “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.”
Dr. Asemakaha 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 perfectly with the state’s vision of increasing productivity, boosting exports, and generating sustainable jobs. He added that the 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 reduce the risks associated with commodity price fluctuations, ensuring a more stable and predictable market,” he emphasized.
Also speaking, Managing Director and CEO of NCX, Mr. Anthony Atuche, CFA, assured full implementation of the agreement and 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,” he stated. “This partnership will ensure farmers earn living incomes, gain national and international market visibility, and participate competitively in structured commodity trading.”
Representatives of farmer groups, including AFAN State Secretary Prof. Godwin Timinun, Youth Leader Ahen Akawee, 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 Jospeph Ioryoosu (Esq.), and Chief Risk Officer, Andrew Simon, reaffirmed the company’s commitment to strengthening policies that eliminate post-harvest losses and improve the entire agricultural value chain.
The MoU marks a pivotal step toward modernizing Benue’s agricultural sector, reducing waste, empowering farmers, and positioning the state as a leader in Nigeria’s commodity market ecosystem. With Governor Alia’s backing, this public-private collaboration promises not only to secure better incomes for farmers but also to solidify Benue’s reputation as the nation’s undisputed food basket.
