News Editor
From Dooshima Terkura, Makurdi
As part of measures to curb arbitrary pricing of commodities and protect local farmers in the state, the Benue Investment Property Company, (BIPC) has introduced a disruptive mechanism to ensure fair and reduced pricing of commodities in the state.
The Group Managing Director and Chief Executive officer of BIPC, Dr. Raymond Asemakaha, said the introduced price control initiative floors a ceiling on price of commodities to protect both consumers and farmers as a major dealer.
Recall that the company in November 2024, promised to regulate prices in the market space in Benue by introducing off-take of agro commodities such as paddy rice, sesame seed, soya beans, maize, guinea corn and other commodities.
Asemakaha said BIPC role in the price advisory space, has caused disruption in the pricing to make essential farm produces more affordable and also impact positively on food security in the state.
He said “BIPC now advices on prices on major commodities as a subtle regulatory mechanism. With the BIPC’s initiative, prices of agro commodities in the market especially soya beans is fair and not exploitative.
“This move has also stopped sharp practices from middle men that usually hold farmers’ produces to resell at exorbitant prices.
“It will also promote competitive markets by encouraging private sector investment in agricultural marketing and processing which can provide subsidies or incentives to farmers to reduce production costs and increase supply.
“This can help reduce prices by increasing efficiency and addressing food insecurity and improving the economic conditions of Benue Farmers.”
The GMD said the company’s initiative has succeeded in reducing the prices of soya beans that was sold N980 per kilogram in November and December to N970 per kilogram while paddy rice that was sold during the period at N760 per kilogram is now sold at N660 per kilogram.
He said “We are not going to relent until consumers and farmers have value for their money as BIPC move to ensure fair pricing,” adding that Soya beans, price will further drop to N750 per kilogram in the coming weeks while rice price will be peg at N600 per kilogram.
Asemakaha highlighted that BIPC initiative has achieved the purpose it was intended as it has guaranteed market, created fair prices and increased income for Benue Farmers.
“As a result of this massive exercise by the company, this has triggered the crash of commodities in the market providing relief to consumers and farmers.”
The GMD added that the Agro commodities initiative will ensure Benue Civil Servants and the good people of Benue have food at affordable prices.
He commended the state Governor, Rev. Fr. Hyacinth Alia, for reducing poverty, improving livelihoods and ensuring Sustainable development through the scheme.
He further explained that the ongoing exercise is expected to continue in other major commodities including building materials, spare parts and others to foster positive change with long term benefits to the citizens of Benue State.
