AFEX Celebrates 10 Years Of Reshaping African Agriculture, Delivering Impact Across The Continent

A leading commodities player in Africa, AFEX, is commemorating its 10th anniversary with a celebration of significant achievements across Nigeria, Kenya, Uganda, and Côte d’Ivoire.

The company has played a pivotal role in reshaping the agricultural value chain in Africa, contributing to building sustainable food systems and creating lasting impact for farmers, agribusinesses, and communities.

Since its founding in 2014 as the first private commodities exchange in Nigeria, AFEX has remained steadfast in its mission to enhance food security, reduce post-harvest losses, and introduce liquidity into agricultural markets through efficient market structures.

AFEX has directly supported smallholder farmers by providing them with access to finance, high-value market opportunities, and crucial extension services. This has significantly improved their livelihoods, boosted productivity, and increased overall output.

The company has expanded its reach across the continent, establishing regional commodity markets that facilitate cross-border trade while strengthening food systems throughout these regions.

In Nigeria, AFEX has expanded its farmer network to over 500,000 and traded over 1 million metric tons of essential crops.

This trading volume has made a significant contribution to improving food availability and stability in its operational areas.

Through its financing platform, AFEX has injected over $250 million into agricultural value chains, ensuring that farmers have access to the capital they need to scale their production.

Since expanding into Kenya and Uganda in 2021 and 2022, AFEX has been bullish in the pursuit of its strategic Pan-African expansion goal to penetrate 8 African countries in the next decade.

Its East African operations have impacted over 30,000 farmers through financing and storage services, traded over 12,000 metric tonnes and traded about KSH1,600,000,000.

In its newest market, Côte d’Ivoire, AFEX has onboarded over a thousand farmers, and disbursed maize inputs across 155 hectares, boosting productivity and food self-sufficiency.

The UK government has been a key supporter of AFEX, providing early-stage funding and continued support. The UK’s Deputy High Commissioner in Lagos, Mr. Jonny Baxter, stated, “The UK is proud to have provided early-stage funding to AFEX 10 years ago, and to see the company grow with such success, enhancing agricultural productivity and bolstering food security in Nigeria.”

British International Investment (BII) has also made a significant commitment to AFEX, with a $26.5 million investment in 2023.

Mr Benson Adenuga, Nigeria Coverage Director of BII, said, “We are delighted to partner with AFEX to provide the necessary support to scale into a pan-African champion, driving agribusiness and strengthening food systems in multiple countries across the continent.”

A key element of AFEX’s impact lies in its investment in infrastructure. Over the past decade, the company has developed a robust network of more than 200 warehouses across Africa, providing secure storage for agricultural produce and reducing post-harvest losses by up to 30% in some regions.

AFEX is a platform business that enables efficient trade for commodities in Africa. Solutions start at the producer level, ensuring improvement in productivity and livelihoods while building up commodity volumes in the right quality and quantity for local and regional trade.

Ayodeji Balogun, Group CEO of AFEX, emphasised the company’s commitment to building a sustainable future for African agriculture.

“These past 10 years have been about creating innovative solutions for African agriculture and developing sustainable ecosystems that empower farmers.

” As we mark this milestone on World Food Day, we are reminded that our mission is more critical than ever. Our goal is to continue building the infrastructure and platforms that will secure Africa’s food future.”

AFEX’s achievements in its first decade demonstrate its crucial role in transforming Africa’s agriculture sector.

As the company continues to grow, it is well-positioned to play an even greater role in securing Africa’s food future and creating a more prosperous and sustainable future for farmers, communities, and the continent as a whole.