From Henry Iyorkase, Makurdi
The Nigerian Commodity Exchange (NCX) has commenced operations in Benue State by commissioning new operational office at the Benue Investment and Property Company Limited (BIPC).
The commissioning of the outfit aimed at strengthening agro-commodity trading and value chains for the traders in the state.
The event was held on Saturday in Makurdi, the state capital.
It could be recalled that BIPC and NCX in November last year, signed paternership agreement with a view to finding permanent solution to address post-harvest challenges and improve farmers’ access to markets.
Speaking at the event, BIPC’s Group Managing Director, Dr. Raymond Asemakaha, said the initiative would play a pivotal role in regulating and overseeing trade commodities in the state as key step towards boosting the state economy, creating jobs and improving the lives of the people, while deepening agribusiness investments in line with the vision of the state governor, Rev. Fr. Dr. Hyacinth Iormem Alia.
He commended the Managing Director of the commission, Dr. Anthony Atuche, for successfully implementing the partnership between both organizations.
Dr. Asemakaha noted that the commission would introduce a Warehouse Receipt System in the state where farmers would 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 him, the warehouse receipt system will reduce risk of commodity price fluctuation , improve transparency and accountability in commodity trading and enhance market efficiency and price discovery.
“This receipts can be used as collateral to access cash from NCX/BIPC Office because the solution is allowing Benue farmers to avoid selling their produce at low prices immediately after harvest,” he explained.
Commissioning the office, Director of Operations at the commission, Dr. Khadijah Abdulaziz, expressed appreciation to BIPC, noting that the partnership would significantly boost the agricultural value chain in the state.
Mrs. Abdulaziz described the state as a pilot scheme and a critical step toward delivering tangible benefits to farmers.
She assured that the collaboration would be sustained to ensure maximum impact.
She added that the state was endowed with some of the best agricultural produce in the country, making it a strategic hub for commodity trading and processing.
The delegation had on Thursday 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 the commission’s operations in the state is expected to boost agricultural productivity, enhance market access and improve income for farmers across the state.