Nigeria’s leading commodities market player and the country’s first private sector commodities exchange, AFEX, has secured first place in the Financial Times (FT) ranking of Africa’s Fastest-Growing Companies – Agriculture & Commodities category 2022.
The company achieved the top spot despite the difficult business environment. It also demonstrated its revenue growth. AFEX has added more than 350,000 digital farmers on their WorkBench platform. They also announced the first Asset – Backed Commercial Paper listing on a Commodities exchange in Africa.
The FT’s Africa Fastest Growing Companies list comprises innovative, modern and fast-growing companies that are the driving force of the international economy in the 21st century. From thousands of entries, only 75 companies were chosen for the list.
The FT, in collaboration with Statista ranks the top African companies for revenue growth between 2017 and 2020. AFEX also placed first in Nigeria’s list of fastest growing companies and third overall in Africa’s list of fastest growing companies.
AFEX was established in 2014 and has been committed to advancing Africa’s agrotech sector. AFEX bridges the gap between Agroprocessors, investors and farmers to increase food security and improve food production efficiency. AFEX has supported over 350,00 farmers and fed 4,000,000 families in eight years.
AFEXThe company has provided support to farmers from all the major states that grow grain in the country. With a storage capacity exceeding 120,000MT, the company owns 126 warehouses in Nigeria and Kenya.
Ayodeji Balogun, CEO at AFEX said, “We’re delighted to have come top of the FT’s Africa’s fastest-growing Agriculture & Commodities list. It’s a remarkable achievement and acknowledges all the hard work that we have done in the last eight years.
Although the global pandemic has proved challenging over the past two years, we’ve worked extremely hard to improve Africa’s commodity market. Innovative solutions such as the Electronic Warehouse Receipts System, (e-WRS), use blockchain technology to allow farmers safe access to credit.
We are determined to expand our reach into new markets by increasing access and creating an inclusive and more profitable ecosystem that benefits everyone. We have recently expanded to Kenya and will scale up further with an imminent launch in Côte D’Ivoire. This is fantastic and keeps us on track with our core mission of helping Africa feed herself and providing employment for farmers.”
AFEX leverages Africa’s talents and commodities to help build shared wealth. Its platform investments and infrastructure help unlock capital for a trust economy in Africa’s commodity markets.
AFEX developed and implemented a commodities exchange model for West African markets. This model is set to affect one million producers.
The company will be able to facilitate trade with Africa in excess of USD500 million by deploying a robust market system.
AFEX’s vision is to be the reference point for commodities in Africa. AFEX aims to achieve this vision by introducing products that reduce the risk of the sector, foster financial inclusion for rural communities and develop technology for data collection, market access and capital deployment.