Ekiti Launches Agro Trading Firm to Curb Post-Harvest Losses, Tackle Food Inflation
... As Gov. Oyebanji’s Administration Targets Middlemen’s Exploitation
The Ekiti State Government has taken a significant step toward reducing post-harvest losses and curbing exploitative practices in the agricultural sector with the establishment of Ilu Eye Agro Trading and Aggregation Company
According to a statement from the State Commissioner for Agriculture and Food Security,Mr. Ebenezer Boluwade, the initiative aims to eliminate the negative impact of middlemen who buy farm produce at low prices and hoard them for resale at inflated rates.
The newly established company will oversee the direct buyback of key commodities, including rice paddy, beans, maize, garri, and palm oil, from farmers across the state. Boluwade described the project as a critical component of Governor Biodun Oyebanji’s administration’s commitment to creating a sustainable food system and enhancing food security.
To support this effort, the government has invested heavily in renovating and constructing state-of-the-art warehouses and storage facilities to ensure the safe preservation of agricultural produce.
Boluwade revealed plans to establish special food markets to make affordable food available to residents while helping to reduce food inflation. He emphasized that the initiative would culminate in transforming Ilu Eye Agro into a Commodity Exchange Company, strengthening fair and transparent pricing for agricultural products.
“The Commodity Exchange will provide farmers with seamless market access and financing opportunities, similar to successful models in Ethiopia and East Africa, where future produce can be used as collateral for production finance,” Boluwade explained.
The commissioner also announced ongoing discussions with local and international partners to integrate digitization solutions, including blockchain technology, into the initiative. This innovation promises to revolutionize commodity trading, ensuring transparency, secure trade settlements, and traceability of products while adhering to phytosanitary protocols.
Farmers’ groups, cooperatives, and individuals are encouraged to contact the company through the provided channels to take full advantage of these transformative opportunities.
This bold initiative underscores the Ekiti State Government’s vision to strengthen the agricultural value chain and improve the livelihoods of its farmers while boosting the state’s food security and economy.
