November 14, (THEWILL) – Benue Investment and Property Company (BIPC) has decried the higher food prices in the state despite its status as food basket of the nation, even as it is set to off-take goods produced by farmers across the state.
The Managing Director of the Company, Dr Raymond Asemakaha, disclosed this during a meeting with key stakeholders in the agricultural sector, including Benue Traders Association, Benue Farmers and Traders Protection and Development Associations.
“Despite Benue being recognised as the food basket of the nation, food prices remain higher than in many neighbouring states”, he stated.
He highlighted the concern of external buyers depleting local agro commodities, which he noted is not only affecting cash retention within the state, but also diminishing 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 this produce and sell it directly to traders from outside the state.”
According to him, BIPC will establish dedicated grain hubs where off-takers can purchase directly, ensuring farmers receive value for their money, saying such an initiative will enforce standardised measurements and prompt payments upon delivery.
Dr Asemakaha further stated that the introduced Warehouse Receipt System will ensure that these services are accessible throughout the state, guaranteeing that farmers receive fair value for their produce.
“This will protect our farmers to have value for their money. We want farmers to know how much a unit costs for their produce. The initiative aims to mitigate the risks farmers face in not receiving adequate compensation for their goods. BIPC also plans to utilise Benue Sacs for agro commodities, allowing for the tracking and management of farm produce”, he said.
In his remarks, the President of the Benue Traders Association, Mr Iormua Michael, praised Dr Asemakaha’s leadership initiatives and expressed commitment to supporting BIPC in achieving its objectives.
Other speakers including Manasseh Torsue, President of the Benue Farmers and Traders Protection and Development Association, raised critical issues affecting market operations in Benue State to include, lack of government involvement, inadequate market regulations, absence of standard measurement scales, the promotion of customised sacks, high tax levies from unofficial sources, and numerous police checkpoints as significant barriers to market efficiency.
General Manager of Real Estate and Infrastructure, Builder Lucy Jato, expressed gratitude to members of the Benue Traders Association for their support and encouraged them to embrace the project wholeheartedly.
She emphasised that the initiative aligns with the transformation agenda of governor Hyacinth Alia administration aimed at enhancing the livelihoods of ordinary farmers and boosting the state’s economy, saying stakeholders remain optimistic that it will create a more favourable environment for agricultural trade, benefiting both farmers and the broader community in Benue State.
According to a 2024 report by the Food and Agriculture Organisation, 33.1 million people are projected to face food insecurity by 2025; hence, BIPC is set to be the hub of agro commodities in the state.
