…Opens Office At BIPC
The Nigerian Commodity Exchange (NCX) has officially commenced operations in Benue State by commissioning a new operational office at the Benue Investment and Property Company Limited (BIPC), marking a significant step toward strengthening agro commodities trading and value chains in the state.
Recall that the BIPC and NCX, on November 7 last year, signed a partnership agreement aimed at addressing post-harvest challenges and improving farmers’ access to markets.
Speaking at the commissioning, BIPC’s Group Managing Director, Dr Raymond Asemakaha, said the initiative will play a pivotal role in regulating and overseeing trade commodities in Benue state as a key step towards boosting the state’s economy, creating jobs and improving the lives of the people, while deepening agribusiness investments in line with the vision of Governor Hyacinth Alia’s administration.
Dr Asemakaha commended the Managing Director of NCX, Dr Anthony Atuche CFA, for successfully implementing the partnership between both organisations.
Asemakaha noted that the NCX will introduce a Warehouse Receipt System (WRS) in the state, where farmers will be able to store their produce in certified warehouses and receive receipts that serve as proof of ownership and access to credit for farmers and traders.
According to the GMD, the warehouse receipt system will reduce the risk of Commodity Price (RCP) fluctuation, improve transparency and accountability in commodity trading, and enhance market efficiency and price discovery.
“These receipts can be used as collateral to access cash from the NCX/BIPC Office because the solution is allowing Benue farmers to avoid selling their produce at low prices immediately after harvest,” the GMD explained.
Commissioning the office, NCX Director of Operations, Dr Khadijah Abdulaziz, expressed appreciation to BIPC, noting that the partnership would significantly boost the agricultural value chain in Benue State.
Abdulaziz described the Benue pilot scheme as a critical step toward delivering tangible benefits to farmers, assuring that the collaboration would be sustained to ensure maximum impact. She added that Benue is endowed with some of the best agricultural produce in the country, making it a strategic hub for commodity trading and processing.
The delegation had earlier visited farming communities in Wannune, Tarka Local Government Area, and Ikpayongo in Gwer East, where they engaged directly with farmers on creating a more efficient market system that connects buyers and sellers.
The commencement of NCX operations in Benue is expected to boost agricultural productivity, enhance market access, and improve income for farmers across the state.
