BIPC, Commodity Exchange seal deal to tackle post-harvest losses in Benue …NCX to establish office, warehouse receipts system in the state

BIPC, Commodity Exchange seal deal to tackle post-harvest losses in Benue

…NCX to establish office, warehouse receipts system in the state

By Frank Adah

The Benue Investment and Property Company Limited (BIPC) has signed a landmark Memorandum of Understanding (MoU) with the Nigerian Commodity Exchange (NCX) aimed at curbing post-harvest losses and boosting structured commodity trading across Benue State.

The agreement followed a three-day engagement and inspection tour of BIPC-run warehouses, farms, and agro-processing facilities by NCX officials alongside the All Farmers Association of Nigeria (AFAN), cooperative societies, and other key agricultural stakeholders.

Under the partnership, both bodies will establish a Commodity Aggregation and Trading Hub that will strengthen the warehouse receipts system, promote organized commodity markets, and enhance farmers’ access to fair pricing and market opportunities.

According to the MoU, the NCX will open a Benue office, list the state’s agricultural produce on its trading platform, manage warehouse inventory professionally, and supervise local and export commodity transactions. BIPC, on its part, will mobilize farmers into cooperatives, secure cultivation land, deploy extension services, and ensure modern storage facilities across the state.

Speaking at the signing ceremony, BIPC Group Managing Director, Dr. Raymond Asemakaha, said the partnership will transform Benue’s agricultural landscape and significantly reduce waste.

“This MoU reflects our shared commitment to reducing post-harvest losses and delivering better livelihoods for our farmers. By combining NCX’s expertise with our local market knowledge, we will create a robust warehouse receipts system beneficial to all stakeholders,” he said.

Dr. Asemakaha applauded Governor Hyacinth Alia for his support, noting that the initiative aligns with the administration’s agenda of increasing productivity, boosting exports, and creating sustainable jobs.

He added that the warehouse receipts system will enable farmers to access affordable credit, guarantee fair prices for traders, and offer investors secure participation in the agricultural value chain.

NCX Managing Director/CEO, Mr. Anthony Atuche, CFA, pledged full execution of the agreement, describing Benue as the anchor state in the North Central Commodity Pilot Program.

“We have seen firsthand that Benue remains the nation’s food basket. This partnership will elevate farmers’ incomes, expand market visibility, and position them strongly in structured commodity trading,” he said.

Farmer group representatives, including AFAN State Secretary Prof. Godwin Timinun, Youth Leader Ahen Akawe, and Manasseh Torsue, commended the initiative and assured farmers’ readiness to key into the scheme.

BIPC officials—Head of Business Development and Strategy Theresa Abeda, Company Secretary Josephath Ioryoosu, 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.