Benue State Investment and Property Company (BIPC) has unveiled plans to improve the economic prospects of farmers.
The initiative, which involves off-taking agro commodities through a warehouse receipt system, aims to address food insecurity and enhance farmers’ livelihoods.
According to Dr. Raymond Asemakaha, BIPC’s Managing Director, the project is crucial as Benue state, despite being known as the “food basket of the nation,” faces higher food prices compared to neighboring states.
External buyers depleting local agro commodities have resulted in reduced cash retention and lower value for farmers’ produce.
He said the objective for the initiative was to establish dedicated grain hubs for direct purchase by off-takers, ensuring fair value for farmers, implementation of standardised measurements and prompt payments upon delivery and utilisation of Benue Sacs for tracking and managing farm produce.
He said the Warehouse Receipt System will guarantee accessibility throughout the state, protecting farmers’ interests and providing transparency in pricing.
BIPC’s efforts have received praise from stakeholders, including the Benue Traders Association and the Benue Farmers and Traders Protection and Development Association.
He said the initiative will also address challenges such as lack of government involvement in market operations, inadequate market regulations, absence of standard measurement scales, high tax levies from unofficial sources and numerous police checkpoints hindering market efficiency.
“This initiative aligns with the transformation agenda of Benue State’s Executive Governor, Rev. Fr. Dr. Hyacinth Iormem Alia, focusing on enhancing farmers’ livelihoods and boosting the state’s economy.
“With 33.1 million people projected to face food insecurity by 2025, Our efforts are timely and crucial for creating a favorable environment for agricultural trade in Benue State,” he added.
