… Disrupts Exploitative Middlemen, Boosts Farmers’ Earnings
By Queen Kunde
In an effort to stabilize commodity prices and protect farmers in Benue State, the Benue Investment and Property Company (BIPC) has implemented a price regulation initiative aimed at curbing exploitative practices and improving food security.
Through the introduction of price floors and ceilings on key agricultural commodities, BIPC has emerged as a significant player in the market, advising on fair pricing mechanisms. This move has effectively disrupted the dominance of middlemen who often hoard produce to drive up prices.
The initiative, which began in November last year, ensures more affordable prices for essential commodities like soybeans and paddy rice. For instance, the price of soybeans has dropped from ?980 per kilogram in November and December to ?970 per kilogram, with further reductions to ?750 per kilogram projected in the coming weeks. Similarly, the price of paddy rice has fallen from ?760 per kilogram to ?660 per kilogram, with plans to stabilize it at ?600 per kilogram.
BIPC’s Group Managing Director and CEO, Dr. Raymond Asemakaha-CFA, emphasized the company’s commitment to ensuring fair pricing and supporting local farmers. “We are not going to relent until consumers and farmers get value for their money,” he stated, adding that the initiative has created guaranteed markets, improved farmer income, and alleviated financial burdens on consumers.
Dr. Asemakaha also highlighted plans to establish a wholesale market for agricultural produce, further reducing costs and fostering competitive markets. The scheme aims to encourage private sector investment in agricultural marketing and processing while offering subsidies and incentives to reduce production costs and boost supply.
The BIPC initiative is part of a broader strategy to address food insecurity, reduce poverty, and improve livelihoods across Benue State. Dr. Asemakaha commended Governor Hyacinth Iormem Alia for his support in driving this sustainable development effort.
Looking ahead, BIPC plans to extend its price regulation measures to other sectors, including building materials and spare parts, to ensure long-term economic benefits for the people of Benue State.