In a significant step toward reducing post-harvest losses and curbing exploitative practices in the agricultural sector, the Ekiti state government has established the Ilu Eye Agro Trading and Aggregation Company.
The Commissioner for Agriculture and Food Security, Ebenezer Boluwade said the firm will oversee direct buyback of key commodities, including rice paddy, beans, maize, garri, and palm oil, from farmers across the state.
According to the Commissioner, the initiative aims to eliminate the negative impact of shylock middlemen who buy produce at low prices and hoard them for resale at exorbitant rates. He said, “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.”
The commissioner continued, “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,”
To support this effort, Boluwade said that the government has invested heavily in renovating and constructing state-of-the-art warehouses and storage facilities to ensure 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 emphasised that the initiative would culminate in transforming Ilu Eye Agro into a Commodity Exchange Company, strengthening fair and transparent pricing for agricultural products.
He said, “There are also ongoing discussions with local and international partners to integrate digitisation solutions, including block chain technology, into the initiative. This innovation promises to revolutionise commodity trading, ensuring transparency, secure trade settlements, and traceability of products while adhering to phytosanitary protocols.
The commissioner concluded by saying, “Farmers’ groups, cooperatives, and individuals are encouraged to contact the company through the provided channels to take full advantage of these transformative opportunities.”
