In a landmark move aimed at transforming Nigeria’s agricultural economy, the Benue Investment and Property Company Limited (BIPC) has signed a Memorandum of Understanding (MoU) with the Nigeria Commodity Exchange (NCX) to curb post-harvest losses and reposition Benue State as a major agro-industrial powerhouse.
The agreement, sealed in Makurdi by Dr. Raymond Asemakaha, Group Managing Director of BIPC, follows a three-day strategic roundtable and inspection tour involving NCX officials and the All Farmers Association of Nigeria (AFAN).
According to Asemakaha, the partnership will drive the creation of a Benue State Commodity Aggregation and Trading Hub—a centralised system that will link farmers directly to structured markets, promote price transparency, and eliminate middlemen exploitation.
“This partnership is a game-changer for Benue’s agricultural economy,” Asemakaha stated. “It will end the era of waste, empower farmers through market access, and establish Benue as a major player in Nigeria’s commodity exchange ecosystem.”
Strategic Partnership for Agricultural Transformation
Under the agreement, BIPC and NCX will collaborate on a range of strategic initiatives designed to unlock the full potential of Benue’s agricultural value chain:
- Creation of a Commodity Trading Hub: A digital and physical marketplace where farmers can sell produce under fair and transparent conditions.
- Introduction of a Warehouse Receipt System: Farmers can store crops in certified warehouses, access credit, and sell when market prices peak.
- NCX Presence in Benue: The Exchange will open an operational office in the state, list Benue commodities on its national trading platform, and manage professional inventory systems.
- Farmers’ Cooperative Empowerment: BIPC will organise farmers into cooperatives, provide extension services, and develop modern storage facilities.
- Export Promotion: Benue’s farm produce and solid minerals will now gain structured access to both local and global export markets.
Asemakaha emphasised that the collaboration would stabilise prices, reduce waste, and attract fresh investments into Benue’s agro-economy.
Leadership, Policy Alignment, and Economic Impact
The BIPC chief praised Governor Hyacinth Alia for providing the visionary leadership and policy support that made the MoU possible. He noted that the initiative aligns with the governor’s economic blueprint to boost productivity, increase export revenue, and create sustainable jobs across the state.
“Governor Alia’s leadership has been pivotal in reimagining Benue’s agricultural economy. This partnership ensures that farmers now have structured opportunities to earn more while contributing to Nigeria’s food security,” Asemakaha said.
NCX Commits to Market Reforms and Farmer Prosperity
Speaking at the signing, Mr. Anthony Atuche, Managing Director/CEO of NCX, reaffirmed the Exchange’s commitment to the agreement. He described Benue as the anchor state for the North Central Commodity Pilot Programme and a vital player in the country’s agribusiness reform.
“Benue is the food basket of the nation — this partnership ensures that farmers earn sustainable incomes, gain access to global markets, and participate competitively in structured commodity trading,” Atuche said.
He added that the NCX initiative would introduce pricing transparency, market liquidity, and financial inclusivity for smallholder farmers, ensuring that agricultural productivity translates into real wealth.
Farmers Endorse the Agreement as a Lifeline
Representatives of Benue’s farming community, including Prof. Godwin Timinun (AFAN State Secretary), Ahen Akawe (Youth Leader), and Manasseh Torsue, applauded the initiative, describing it as a lifeline for farmers who have long battled low prices, storage losses, and market uncertainties.
They pledged full cooperation and expressed optimism that the hub would transform rural agribusiness by linking producers directly to buyers, financiers, and exporters.
BRANDECONOMY ANALYSIS: A Model for Commodity Market Reform in Nigeria
The BIPC–NCX partnership signals a bold step toward building a structured agricultural economy driven by transparency, value addition, and digital efficiency. Analysts believe the initiative could reduce post-harvest losses (currently estimated at ₦3.5 trillion annually in Nigeria), enhance farmer incomes, and create thousands of jobs in logistics, warehousing, and agri-tech sectors.
By formalising agricultural trade through the NCX platform, Benue positions itself as the regional hub for agro-commodities, bridging the gap between farm output and industrial demand.
The collaboration also reinforces the role of state-owned investment companies like BIPC as catalysts for agrarian transformation, sustainable financing, and private-sector partnerships.
