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AFEX Raises $26.5 Million to Boost Agriculture and Food Security in Africa

by Agritech Digest
  • AFEX secures $26.5 million in funding from British International Investment (BII), the UK government’s development finance institution.
  • The funding aims to support smallholder farmers in Africa by providing them with essential resources and infrastructure, which will contribute to the growth of the agricultural sector and address food insecurity.
  • The investment will fund the construction of 20 modern storage warehouses with a total capacity of 230,000 metric tonnes in Nigeria, Kenya, and Uganda, benefiting around 200,000 farmers. 

Nigeria-based commodities exchange company, AFEX, has raised  $26.5 million in funding from British International Investment (BII), the development finance institution of the UK government, to provide infrastructure and technical support for smallholder farmers across Africa, which will in turn boost the agricultural industry, and tackle the pressing challenge of food insecurity.

This funding will provide smallholder farmers with better access to inputs, credit facilities, micro-insurance, storage services, training, and markets. With the investment from BII, there will be the construction of twenty 230,000 metric tonnes of storage capacity ultra-modern warehouses across Nigeria, Kenya, and Uganda. These warehouses will potentially enable about 200,00 farmers access storage facilities, which will in turn drive their productivity and sales. 

In addition, AFEX will build a soybean processing plant in Ibadan, Nigeria, and a drying facility in Uganda, able to generate over 700 temporary jobs and more than 80 permanent roles. These facilities will also adopt modern warehouse technology and software to aid post-harvest pricing and increase storage time for crops.

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“This investment from British International Investment is a landmark moment in our mission to revolutionise agriculture and elevate food security across Africa. By directing fresh capital towards the development of technologically advanced warehouses and critical facilities, we are significantly enhancing market access and income potential for smallholder farmers. In alignment with UN SDGs, our mission is to enable Africa to feed itself efficiently and sustainably. Today’s investment doesn’t just propel AFEX’s growth, it forges a more secure and prosperous future for an entire continent,” said AFEX Group CEO Ayodeji Balogun.

AFEX provides investment platforms for Africa’s commodities market, offering services for viable commodities exchange models through services in productivity and value capture and access to finance and markets. By deploying an efficient market system, AFEX aims to facilitate trade with Africa worth over USD500 million in the next five years.

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APEX currently operates over 200 warehouses in Nigeria, Kenya, and Uganda, and serves over 450,000 farmers.

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