Food Wastage: Pat Utomi Floats Commodities Exchange
An incredible amount of agricultural produce are wasted annually in Nigeria due to challenges ranging from market proximity to lack of storage facilities.
Food wastage may soon be a thing of the past in the country as one of Nigeria’s brightest Economists, Professor Pat Utomi has unveiled a wholesale food market for farmers to deliver their agricultural products.
Utomi’s company, Integrated Produce City Limited is developing the new agricultural commodities exchange to be located near Benin city, the Edo state capital.
Also Read: #BounceFoodPriceReview: Beans Becomes New King In The Food Market
The site is strategically located to be accessible to nearby growers of cocoa, palm oil, rubber and cassava.
According to Utomi who is the CEO of the company, “The concept of a wholesale-produce market is to enable the farmer to fully dispose of his produce, instead of today where he loses 80% of his output” that rots before it reaches the market.
Utomi told Bloomberg in an interview in Abuja that the company will have storage facilities, including refrigerated warehouses, and host processing plants on its 100-hectare (247-acre) site in Edo State’s Ugbokun village.