The Benue Investment and Property Company (BIPC) has achieved remarkable success by selling N300 million worth of bread within just five months of establishing its bakery in Makurdi, the state capital. The BIPC Bakery, commissioned by the Benue State Government in May 2024, has been producing and selling an impressive two million loaves of bread per month, significantly contributing to the company’s revenue, job creation, and the state’s Internally Generated Revenue (IGR).

BIPC’s impressive performance in bread sales and its ambitious expansion plans reflect the company’s commitment to boosting the local economy through job creation, cost-efficiency, and regional diversification. With the upcoming launch of the nylon production facility and future expansions, BIPC is poised to become a key driver of economic growth in Benue State, supporting the government’s vision for sustained development and increased Internally Generated Revenue (IGR).

Bread Sales and Expansion Strategy

Speaking to the press on Monday, Raymond Asemakaha, the Managing Director/Chief Executive Officer of BIPC, proudly announced that the bakery has generated N300 million in sales since its inception. He also revealed the company’s strategic plans for expansion, including the imminent launch of a nylon production facility within the next two weeks, which is expected to further fuel the company’s growth and create additional job opportunities.

Cutting Costs and Creating Jobs

The new facility will focus on producing water bags and labels, a move that will enable BIPC to cut costs significantly. Currently, the company spends N27 million annually on external printing services, with the bulk of the printing done in Lagos. Asemakaha explained that by producing these materials in-house, the company could retain up to 50 percent of these costs, boosting profitability.

In terms of job creation, the bakery has already provided over 100 direct jobs and an additional 175 indirect jobs. With the launch of new initiatives like nylon production, the company expects to generate between 200 to 300 jobs, providing valuable employment opportunities for local youths and helping to reduce unemployment in the state.

Long-Term Expansion Plans

As part of its long-term growth strategy, BIPC plans to expand its bakery operations to other local government areas, including Otukpo, Gboko, and Katsina-Ala. The company aims to diversify across different regions to meet the growing demand and reduce operational risks. Asemakaha noted that every quarter, BIPC is committed to rolling out new projects that will strengthen its presence and impact in Benue State.