By Peter Duru, Makurdi

The Nigerian Commodity Exchange (NCX) has officially commenced operations in Benue State with the commissioning of a new office at the Benue Investment and Property Company Limited (BIPC).

The development which is expected to transform agricultural commodity trading and strengthen value chains across the state would build on a partnership agreement signed between BIPC and NCX on November 7, 2025, aimed at tackling post-harvest losses and improving farmers’ access to structured markets.

Speaking during the commissioning, the Group Managing Director of BIPC, Dr. Raymond Asemakaha, described the launch as a major milestone in repositioning Benue as a leading hub for agribusiness and commodity trading in Nigeria.

“This initiative will play a pivotal role in regulating and overseeing commodity trade in Benue State. It is a key step towards boosting our state economy, creating jobs, and improving the livelihoods of our people,” Asemakaha said.

He added that “It also aligns with the vision of Governor Hyacinth Alia to deepen agribusiness investments and unlock the state’s vast agricultural potential.”

Asemakaha commended the Managing Director of NCX, Dr. Anthony Atuche, for the successful implementation of the partnership, noting that the collaboration reflects a shared commitment to modernizing agricultural trade systems in the state.

Asemakaha noted that a central feature of the initiative was the introduction of a Warehouse Receipt System (WRS), which would allow farmers to store their produce in certified warehouses and receive receipts that could serve as proof of ownership and collateral for loans.

“With this system, farmers no longer have to sell their produce immediately after harvest when prices are low. These receipts can be used as collateral to access financing through the NCX/BIPC office, thereby improving farmers’ liquidity and bargaining power,” he explained.

He added that the system would reduce the risks associated with price fluctuations, improve transparency and accountability in commodity trading, and enhance overall market efficiency and price discovery.

Also speaking, the NCX Director of Operations, Dr. Khadijah Abdulaziz, expressed appreciation to BIPC for its partnership and commitment to driving agricultural transformation in Benue.

She stated that “the Benue pilot scheme represents a critical step toward delivering tangible benefits to farmers. We are confident that this collaboration will significantly boost the agricultural value chain, and we remain committed to sustaining this partnership for maximum impact.”

Abdulaziz described Benue as a strategic hub for commodity trading and processing, given its reputation as Nigeria’s “food basket” and its abundance of high-quality agricultural produce.

As part of activities marking the rollout, the NCX delegation visited farming communities in Wannune in Tarka Local Government Area, LGA, and Ikpayongo in Gwer East LGA. During the visits, officials engaged directly with farmers, discussing ways to build a more efficient and transparent market system that seamlessly connects producers with buyers.