BIPC Crashes Agro Commodity Prices, Empowers Farmers in Benue State
By Raymond Enoch
The Benue Investment and Property Company (BIPC) has launched a groundbreaking price regulation initiative to stabilize commodity costs, protect farmers, and tackle exploitative market practices in Benue State. The program, which started in November last year, is already delivering significant benefits to farmers and consumers alike.
BIPC has introduced price floors and ceilings on key agricultural commodities such as soybeans and paddy rice. This initiative has disrupted the dominance of middlemen who hoard produce to inflate prices.
Soybean prices have dropped from ₦980 per kilogram in November and December to ₦970, with further reductions to ₦750 projected soon.
Paddy rice prices have fallen from ₦760 per kilogram to ₦660, with a stabilization target of ₦600.
Commitment to Farmers and Consumers
Dr. Raymond Asemakaha-CFA, BIPC’s Group Managing Director and CEO, reaffirmed the company’s commitment to ensuring fair pricing and supporting farmers. “We are not going to relent until consumers and farmers get value for their money,” he said. The program guarantees market access for farmers, increases their incomes, and relieves financial burdens on consumers.
To sustain these gains, BIPC is planning to establish wholesale markets for agricultural produce. These markets will further reduce costs, encourage private sector investment in agricultural marketing and processing, and create competitive markets. Subsidies and incentives are also being introduced to lower production costs and increase supply.
The price regulation initiative is part of a broader strategy to combat food insecurity, reduce poverty, and enhance livelihoods in Benue State. Dr. Asemakaha praised Governor Hyacinth Iormem Alia for his support in driving this sustainable development agenda.
BIPC aims to expand its price regulation efforts to other sectors, including building materials and spare parts, ensuring long-term economic benefits for the people of Benue State.
Through its innovative approach to price regulation, BIPC is transforming Benue’s agricultural sector, empowering farmers, and easing consumer costs. This initiative is a testament to the state’s commitment to sustainable development and economic empowerment.
