The Nigerian Commodity Exchange (NCX) has officially commenced operations in Benue State with the commissioning of a new operational office at the Benue Investment and Property Company Limited (BIPC), a move expected to strengthen agricultural commodity trading and improve market access for farmers.

The development follows a partnership agreement signed by BIPC and NCX on November 7, 2025, aimed at addressing post-harvest losses and expanding structured markets for agricultural produce in the state.

Speaking during the commissioning ceremony, BIPC Group Managing Director, Dr. Raymond Asemakaha, said the initiative would help regulate commodity trade and stimulate economic growth.

He noted that the programme aligns with the agricultural development vision of the Benue State Governor, Hyacinth Alia.

Asemakaha explained that the exchange would introduce a Warehouse Receipt System that allows farmers to store produce in certified warehouses and receive receipts that serve as proof of ownership.

“These receipts can be used as collateral to access cash from the NCX/BIPC office, helping farmers avoid selling their produce at very low prices immediately after harvest,” he said.

Also speaking, NCX Director of Operations, Dr. Khadijah Abdulaziz, described the Benue pilot scheme as a strategic step toward strengthening the agricultural value chain.

She noted that the state’s rich agricultural resources make it an ideal hub for commodity trading and processing.

As part of the rollout, the NCX delegation visited farming communities in Wannune in Tarka Local Government Area and Ikpayongo in Gwer East to engage farmers on building a more efficient commodity market system.

The initiative is expected to improve productivity, expand market access and increase farmers’ incomes across the state.

By Benue Info-pedia