The Nigerian Commodity Exchange (NCX) has begun operations in Benue State, occupying an office space at the Benue Investment and Property Company (BIPC) Limited to strengthen agro-commodities trading and value chains in the Food Basket of the Nation.
The BIPC and NCX, on November 7, 2025, signed a partnership agreement aimed at addressing post-harvest challenges and improving farmers’ access to markets. The MoU was the result of a three-day roundtable and inspection tour of BIPC-operated warehouses, agro-processing industries, and farms conducted by NCX officials and the Benue chapter of the All Farmers Association of Nigeria (AFAN).
Benue is one of Nigeria’s top three agriculturally productive regions, contributing significantly to the country’s supply of tomatoes, rice, maize, yams, soybeans, cassava, and fruits.
Speaking at the recent commissioning, BIPC’s managing director, Mr Raymond Asemakaha, said the initiative would play a pivotal role in regulating and overseeing trade commodities in Benue State as a key step towards boosting “the state economy, creating jobs and improving the lives of our people, while deepening agribusiness investments in line with the vision of Governor Hyacinth Iormem Alia.”
The BIPC boss commended the managing director of NCX, Mr Anthony Atuche, for successfully implementing the partnership between both organisations.
Mr Asemakaha noted that the NCX will introduce a warehouse receipt system in the state, where farmers will be able to store their produce in certified warehouses and receive receipts that serve as proof of ownership and access to credit for farmers and traders.
According to the BIPC GMD, the warehouse receipt system will reduce the risk of commodity price fluctuation.
It would “Improve transparency and accountability in commodity trading, enhance market efficiency and price discovery and installation of cleaning machines for the harvest products,” Mr Asemakaha stated.