AFEX, a leading commodities player in Africa, is celebrating 10 years of driving agricultural growth and food security across the continent, with significant support from the UK Government.
Over the past decade, AFEX has empowered thousands of farmers in Nigeria, Côte d’Ivoire, Uganda and Kenya, helping build a sustainable and resilient food supply chain.
Since its establishment in 2014 as the first private commodities exchange in Nigeria, AFEX has made notable strides in improving food security, reducing post-harvest losses, and introducing liquidity into agricultural markets. Through its operations, AFEX provides capital and storage infrastructure to farmers and processors, ensuring the efficient trading of agricultural commodities.
AFEX’s mission has remained steadfast—to enhance food security by supporting smallholder farmers through access to finance, high-value markets, and extension services. In Nigeria, the company has expanded its farmer network to over 500,000, trading more than 1 million metric tonnes of crops, including maize, rice, sorghum and soybeans. AFEX’s financing platform has injected over $250 million into agricultural value chains, helping farmers scale their production and improve their livelihoods.
Beyond Nigeria, AFEX has expanded its operations across East and West Africa, establishing regional commodity markets in Kenya, Uganda, and Côte d’Ivoire. In these regions, AFEX has impacted over 30,000 farmers through financing and storage services, traded over 12,000 metric tons of crops, and facilitated cross-border trade that strengthens Africa’s food systems.
Speaking on the milestone, Ayodeji Balogun, Group CEO of AFEX, highlighted the company’s achievements over the past decade. “These 10 years have been about creating innovative solutions for African agriculture and developing ecosystems that empower farmers. Our mission is to continue building the infrastructure that secures Africa’s food future.”
With UK support, including a $26.5 million commitment from British International Investment in 2023, AFEX plans to expand its network of warehouses and storage facilities. The goal is to provide storage for up to 200,000 farmers, reducing post-harvest losses by up to 30 per cent in some regions.
The UK’s Deputy High Commissioner in Lagos, Jonny Baxter, commended AFEX’s work in Nigeria and across Africa. “The UK is proud to support AFEX’s efforts to enhance agricultural productivity and food security, which play a vital role in job creation and economic growth.”
As AFEX continues its journey toward its Pan-African expansion goal, it remains committed to promoting sustainable agricultural practices and supporting Africa’s farmers.
