The Nigeria Commodity Exchange (NCX) and the Benue Investment and Property Company (BIPC) have signed a landmark Memorandum of Understanding (MOU) to create a structured, technology-driven commodity market in Benue State. The partnership is designed to tackle longstanding challenges facing farmers, including post-harvest losses, poor price discovery, fragmented markets, and inadequate storage facilities.
The agreement will leverage NCX’s national infrastructure, including delivery warehouses and digital platforms, to provide farmers and agripreneurs direct access to buyers both locally and internationally. Electronic warehouse receipts (EWRs) will allow farmers to use stored commodities as collateral for bank financing, ensuring better liquidity and financial inclusion.
BIPC and NCX will also implement quality assurance programs to ensure Benue’s produce meets global standards, preparing it for export markets. This initiative positions Benue, widely known as the “Food Basket of the Nation,” to benefit from the Federal Government’s National Export Trading Company framework, enhancing Nigeria’s non-oil export potential.
Technology and Infrastructure at the Core
The partnership will integrate digital tools for price discovery, market intelligence, and trade tracking. By connecting producers directly to verifiable buyers, the alliance aims to minimize wastage and ensure fair pricing for staple crops such as yam, cassava, maize, and soybean.
Managing Director of NCX, stated: “This handshake between NCX and BIPC is more than an agreement, it’s a commitment to solving real problems: waste, inefficiency, and disconnection in our agricultural ecosystem. It strengthens Nigeria’s food security and builds a sustainable, inclusive market.”
BIPC’s GMD added: “This is a bold step from subsistence to structured, profitable trade. It will empower our farmers, stabilize prices, and unlock significant investment opportunities across the agricultural value chain.”
Nigeria loses an estimated $10 billion annually to post-harvest losses, with recent studies showing losses of 30–50% in key crops due to inadequate storage and poor market access. The NCX-BIPC initiative is part of a broader plan by President Tinubu’s administration to revitalize the role of commodity exchanges in boosting economic diversification and non-oil exports.
The agreement signals the immediate commencement of programs to implement structured trade systems, promising a new era of stability, profitability, and international competitiveness for Benue State’s agricultural sector.
