Benue decries high food price, off-takes agro commodities

In a significant move to address food insecurity and improve the economic conditions of farmers in the state, the Benue Investment and Property Company (BIPC) is set to off-take goods produced by farmers across the state.

Raymond Asemakaha, managing director, BIPC, disclosed this during a meeting, which was held recently with key stakeholders in the agricultural sector, including the Benue Traders Association and the Benue Farmers and Traders Protection and Development Association.

Asemakaha emphasized the urgency of the initiative, noting that despite Benue being recognized as the “food basket of the nation”, food prices are higher than the ones in neighbouring states. He highlighted the concern of external buyers depleting local agro commodities, which not only affects cash retention within the state but also diminishes the value farmers receive for their produce.

“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. We should be able to mop up the produce and sell directly to traders from outside the state,” Asemakaha stated.

“The BIPC will establish dedicated grain hubs where off-takers can purchase directly, while ensuring that farmers receive value for their money. This initiative will enforce standardized measurements and prompt payments upon delivery”.

Asemakaha further stated that the Warehouse Receipt System would ensure that these services are accessible throughout the state and guarantee fair value for the produce of farmers. “This will protect our farmers to have value for their money. We want farmers to know how much a unit cost of their produce is,” he emphasized.

The initiative also aims to mitigate the risks farmers face in receiving adequate compensation for their goods. BIPC also plans to utilize Benue Sacs for agro commodities, allowing for the tracking and management of farm produce.

On his part, Iormua Michael, president, Benue Traders Association, praised Asemakaha’s leadership initiatives and expressed commitment to supporting BIPC in achieving its objectives.

Other speakers, including Manasseh Torsue, president, Benue Farmers and Traders Protection and Development Association, raised critical issues affecting market operations in the state. They cited lack of government involvement, inadequate market regulations, absence of standard measurement scales, promotion of customized sacks, high tax levies from unofficial sources and numerous police checkpoints as significant barriers to market efficiency.

In a vote of thanks, Lucy Jato, a real estate and infrastructure expert, expressed gratitude to the members of the Benue Traders Association for their support and encouraged them to embrace the project as it aligns with the transformation agenda of Hyacinth Iormem Alia, governor of Benue State, aimed at enhancing the livelihoods of ordinary farmers and boosting the state’s economy.

As the initiative takes shape, stakeholders remain optimistic that it will create a more favourable environment for agricultural trade, benefiting both farmers and the broader community in the state. According to a 2024 report by the Food and Agriculture Organization, 33.1 million people are projected to face food insecurity by 2025; hence, BIPC is working to be the hub of agro commodities in the state.