….as Agro Trading and Aggregation Company established by Govt Commences Operation in Ekiti State.

The Ekiti State Government has set up the Ilu Eye Agro Trading and Aggregation Company to prevent middlemen from purchasing farm produce at rock-bottom prices, hoarding them, and reselling at exorbitant rates. This effort, part of Governor Biodun Oyebanji’s administration, also seeks to reduce post-harvest losses and support farmers in achieving fair value for their produce.

A statement by the State Commissioner for Agriculture and Food Security, Mr Ebenezer Boluwade made available to newsmen in Ado-Ekiti said the company would be responsible for the buyback of some selected agricultural commodities like rice paddy, beans, maize, garri and palm oil from the farmsteads across the state.

He said the initiative is a testament to the government’s dedication to create food security and a sustainable food system in the state and designed to consolidate the giant steps of the State Government at the upstream and midstream stages of the agricultural value chain would

Boluwade disclosed that the company’s social and commercial responsibilities are to make food available at the special food markets that will soon be created in the state stressing that this will help the state to bend the food inflation curve.

He stated that the State Government had invested in the renovation and construction of huge, spacious warehouses and other necessary storage solutions that will guarantee the safe and secured food storage practices.

The commissioner noted that the overall objective of this outfit will be achieved when it is finally transformed to Commodity Exchange Company that will ensure the formation of fair, transparent and real prices in accordance with the interests of the consumer by partially compensating for the price differences in terms of location and time of agricultural products, which are extremely common in production and consumption.

He stressed that the Commodity Exchange creation ensures a seamless access to markets and finance opportunities to farmers and as it being presently practiced in Ethiopia and other East Africa countries where farmers easily get production finance while pledging the future produce as collateral.

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Boluwade disclosed that talks are in advanced stage with local and international partners to layer the initiative with digitization solutions like blockchain technology which has the potential to change and transform the commodity trading industry by providing a secure, transparent, and efficient platform for trade settlement and supply chain management. This will ensure traceability of the products to confirm if all phyto-sanitary protocols are observed along the value chain.

He said the company requests all farmers groups, associations, cooperatives, and individuals to reach out to the company through the phone number stated on the flyer.