AFEX, Nigeria’s leading commodities market player and the country’s first private sector commodities exchange, is proud to announce it has secured first place in the Financial Times (FT) ranking of Africa’s Fastest-Growing Companies – Agriculture & Commodities category 2022. Despite the challenging business conditions, the company topped the list by demonstrating its revenue growth. AFEX added over 350,000 digital farmers to their WorkBench platform and announced the first Asset-Backed Commercial Paper listed 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. Only 75 companies are featured on the list from thousands of entrants. In collaboration with Statista, the FT ranks the companies that had the strongest revenue growth in Africa between 2017 and 2020. AFEX also came in first place in the list of fastest-growing companies in Nigeria and third place in the overall list of fastest-growing companies in Africa. AFEX has supported farmers across major grain-growing states in the country. The company has over 126 warehouses in Nigeria, and Kenya, with a storage capacity of 120,000MT.
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 is a significant accomplishment and recognises the work we have been doing over the past 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. Innovations such as our Electronic Warehouse Receipts System (e-WRS) use blockchain technology to help farmers access credit safely. Widening access and creating a more inclusive and profitable ecosystem that works for everyone, fuels our ambition to expand into new markets. 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.”
Since its launch in 2014, AFEX has committed to levelling-up Africa’s agro-tech sector. By bridging the gap between Agro-processors and investors, AFEX boosts food security and makes food production more efficient. AFEX has financed over 350,000 farmers in eight years and fed 4,000,000 households.
AFEX harnesses Africa’s commodities and talent to build shared wealth and prosperity. Its infrastructure and platform investments work to unlock capital to power a trust economy in Africa’s commodities markets. Since its inception in 2014, AFEX has developed and deployed a viable commodities exchange model for the West African market and is on track to impact one million producers; providing services in productivity and value capture and access to finance and markets. By deploying an efficient market system, the company will facilitate trade with Africa worth over USD500 million in the next five years.
AFEX’s vision is to be the reference point for commodities in Africa. To achieve this goal, AFEX looks to introduce products that de-risk the sector, drive financial inclusion for rural communities, develop technology for data collection and market access, and enable capital deployment.