The Benue Investment and Property Company (BIPC) has expressed concerns over the high food prices in Benue State, despite its reputation as the “food basket of the nation”.
Dr. Raymond Asemakaha, Managing Director of BIPC, emphasized this issue during a meeting with key agricultural stakeholders, including the Benue Traders Association and Benue Farmers and Traders Protection and Development Associations.
“Despite Benue being recognized as the food basket of the nation, food prices remain higher than in many neighboring states,” Dr. Asemakaha stated.
He attributed this disparity to external buyers depleting local agro commodities, affecting cash retention within the state and diminishing the value farmers receive for their produce.
To address this, BIPC aims to establish Benue as a grain hub, facilitating the aggregation and sale of agricultural products to external buyers.
“With the support of local traders, we should be able to mop up this produce and sell it directly to traders from outside the state,” Dr. Asemakaha explained.
Dr. Asemakaha emphasized that these initiatives will protect farmers, provide value for their money, and mitigate risks associated with inadequate compensation.
The President of the Benue Traders Association, Mr. Iormua Michael, praised Dr. Asemakaha’s leadership initiatives, while Manasseh Torsue, President of the Benue Farmers and Traders Protection and Development Association, highlighted critical issues affecting market operations in Benue State.
According to a 2024 report by the Food and Agriculture Organization, 33.1 million people are projected to face food insecurity by 2025.
BIPC’s efforts aim to create a more favorable environment for agricultural trade, benefiting both farmers and the broader community in Benue State.