BIPC signs MoU with NCX to curb post-harvest losses in Benue

From Scholastica Hir, Makurdi

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 was 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 would significantly reduce post-harvest losses and transform Benue’s agricultural economy.

He said “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 the Benue State Governor, Rev. Fr. Hyacinth 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.