The Benue Investment and Property Company (BIPC) has unveiled a transformative initiative aimed at enhancing the agricultural sector in Benue State, addressing food insecurity, and improving economic conditions for farmers. With the launch of a Warehouse Receipt System (WRS) and plans for dedicated grain hubs across the state, BIPC aims to reposition Benue as the agricultural trade nucleus in Nigeria.

The Vision for Benue’s Agricultural Future

During a recent meeting with key stakeholders, including the Benue Traders Association and the Benue Farmers and Traders Protection and Development Association, the Managing Director of BIPC, Dr. Raymond Asemakaha, emphasized the importance of the initiative.

Despite its reputation as the “food basket of the nation,” Benue faces challenges with high food prices, cash outflows, and the exploitation of local farmers by external buyers. Dr. Asemakaha stated:

“With the support of local traders, BIPC aims to position the state as a grain hub, facilitating the aggregation and sale of agricultural products to external buyers. This will ensure farmers receive fair value for their produce.”

Key Components of the Initiative

1. Dedicated Grain Hubs
   • Establishment of centralized grain hubs across the state to facilitate direct sales to off-takers.
   • Introduction of standardized measurements to combat pricing discrepancies and unfair practices.
   • Provision for prompt payment systems upon delivery to farmers.
2. Warehouse Receipt System
   • Farmers can deposit their produce in certified warehouses and receive receipts as collateral for trade or financial transactions.
   • The system guarantees that farmers know the exact value of their produce.
3. Benue Sacs for Agro Commodities
   • Adoption of specialized and customizable sacks for better tracking and management of agricultural goods.
4. Addressing Market Inefficiencies
   • Standardized measurement scales to prevent exploitation.
   • Market regulations to curb illegal taxation and checkpoint disruptions.

Collaborative Efforts and Stakeholder Support

The initiative has garnered widespread support from stakeholders.

• Iormua Michael, President of the Benue Traders Association, praised the leadership of Dr. Asemakaha and pledged the association’s support for BIPC’s objectives.
• Manasseh Torsue, President of the Benue Farmers and Traders Protection and Development Association, highlighted the need for government intervention in regulating markets, enforcing standardized practices, and reducing unofficial levies.

Builder Lucy Jato, General Manager of Real Estate and Infrastructure, reiterated the alignment of this initiative with the state’s transformation agenda under Governor Rev. Fr. Dr. Hyacinth Iormem Alia.

Impact on Food Security

This initiative is not only a response to the challenges faced by local farmers but also a strategic effort to combat food insecurity. A report by the Food and Agriculture Organization (FAO) projects that 33.1 million people in Nigeria may face food insecurity by 2025. BIPC’s proactive measures aim to mitigate these risks by stabilizing the agricultural economy in Benue.

A New Dawn for Benue Farmers

The initiative promises to:

• Empower farmers with fair pricing mechanisms and improved market access.
• Strengthen the state’s economy by retaining cash flow within the state.
• Promote transparency through standardized trading practices.

As BIPC’s plans unfold, optimism remains high among stakeholders. This collaborative approach holds the potential to transform Benue’s agricultural landscape, ensuring that the state’s farmers not only sustain themselves but also thrive economically.