BIPC, Nigerian Commodity Exchange Sign MoU to Tackle Post-Harvest Losses in Benue

From Dooshima Terkura, Makurdi

The Benue Investment and Property Company Limited (BIPC) has entered into a Memorandum of Understanding (MoU) with the Nigerian Commodity Exchange (NCX) to curb post-harvest losses and promote structured commodity trading across Benue State.

The agreement followed a three-day roundtable engagement and inspection tour of BIPC-managed warehouses, agro-processing industries, and farms.

The event brought together NCX officials, representatives of the Benue State chapter of the All Farmers Association of Nigeria (AFAN), members of various cooperatives, and other key stakeholders in the agricultural value chain.

Under the partnership, both institutions will work together to establish a Benue State Commodity Aggregation and Trading Hub, promote organized commodity markets, strengthen the warehouse receipt system, and facilitate capacity-building programs to enhance farmers’ productivity, market access, and pricing transparency.

According to the MoU, the NCX will establish an office in Benue State, list Benue 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, provide extension services, and ensure the availability of modern storage infrastructure across the state.

Speaking at the signing ceremony, BIPC Group Managing Director, Dr. Raymond Asemakaha, expressed confidence that the partnership would drastically reduce post-harvest losses and transform Benue’s agricultural economy.

“This Memorandum of Understanding represents our shared resolve to leverage the strengths of both organizations to drive growth, reduce post-harvest losses, and improve farmers’ livelihoods. By combining NCX’s commodity exchange expertise with BIPC’s understanding of the local market, we aim to build a robust warehouse receipt system that benefits all stakeholders,” he said.

Dr. Asemakaha commended Governor Hyacinth Alia for his leadership and support, noting that the initiative aligns with the state government’s vision to boost productivity, expand exports, and create sustainable employment opportunities.

He further explained that implementing a warehouse receipt system would grant farmers access to affordable credit, enable fair pricing for traders, and attract investors into the agricultural value chain. “This innovative approach will help mitigate risks tied to commodity price fluctuations, ensuring a more stable and predictable market,” he added.

In his remarks, the Managing Director and CEO of NCX, Mr. Anthony Atuche, assured full implementation of the agreement, describing Benue as the anchor state for NCX’s North Central Commodity Pilot Program.

“We have seen firsthand that Benue truly is the food basket of the nation. This partnership will empower farmers to earn sustainable incomes, gain national and international market visibility, and participate competitively in structured commodity trading,” Atuche stated.

Representatives of farmer groups, including AFAN State Secretary Prof. Godwin Timinun, Youth Leader Ahen Akawe, and Manasseh Torsue, welcomed the collaboration and expressed readiness to key into the program.

In their separate remarks, BIPC’s Head of Business Development and Strategy, Theresa Abeda; Company Secretary, Josephath Ioryoosu (Esq.); and Chief Risk Officer, Andrew Simon, reaffirmed the company’s dedication to strengthening policies that prevent post-harvest losses and enhance the agricultural value chain in Benue State.