Africa’s commodities market AFEX, has topped the Monetary Occasions (FT) record of Africa’s Quickest-Rising Corporations in 2023 which consists of revolutionary, trendy and fast-growing firms which might be the driving power of the worldwide economic system within the twenty first century.
Launched in 2014, AFEX has been dedicated to levelling-up Africa’s agro-tech sector. The corporate which operates in three nations is geared toward addressing the challenges confronted by African farmers, offering higher entry to inputs, credit score services, micro-insurance, storage providers, coaching, and markets.
Ayodeji Balogun, Group CEO at AFEX, stated, “We’re proud to enter FT Africa’s fastest-growing record for the second time and now rating as the primary fastest-growing in Africa. It is a testomony to the exhausting work and perseverance of everybody at AFEX. We’re pleased with the progress we’ve made to date and can proceed to assist farmers entry markets instantly. We additionally know that environment friendly warehousing is essential for environment friendly meals safety, and know-how will play a significant function in creating the agriculture business in Africa. Our distinctive place permits us to contribute to Africa’s meals safety whereas selling sustainable improvement for future generations. By 2025, we purpose to affect 1 million meals producers whereas driving 1 million MT in commerce volumes. We’re extremely proud to be constructing such a worldwide enterprise.”
FT collaborates with Statista, an information analysis firm, to provide related rankings for firms in Europe, Asia, and America. The inclusion of AFEX on this record is a transparent indication of its success and distinctive efficiency. The Africa record ranks African firms by their compound annual development charge (CAGR) in income between 2018 and 2021. AFEX has grown by 505.3% over the previous 3 years, making it Africa’s fastest-growing firm in 2023.
Because it first appeared on the inaugural record final yr, AFEX has doubled in income and expanded operations into East Africa, having financed over 450,000 farmers and traded 526,850 metric tonnes of commodities in Nigeria, Kenya and Uganda. Final yr, AFEX ranked third on the general FT Africa record whereas rising because the fastest-growing in Nigeria and first in Africa’s Agriculture & Commodities class.
At present working over 200 warehouses in Nigeria, Kenya, and Uganda and serving over 450,000 farmers, AFEX plans to increase to 9 African nations throughout the subsequent 10 years to create regional markets that stability demand and provide by way of intra-Africa commerce. Markets thought-about for enlargement embody Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia. By its strategic expansions, AFEX goals to handle the low regional commerce degree, which presently stands at 14.4% in comparison with 59%, 69% and 30.4% in Asia, Europe and North America, respectively.
By facilitating cross-border commerce in Africa, AFEX seems to extend regional commerce quantity, bettering capability to satisfy the demand of Africa’s rising inhabitants. AFEX will proceed leveraging its mannequin of deploying infrastructure alongside entry to capital and markets for the commodities sector in Africa to assist speed up the continent’s meals safety.
The MD AFEX Honest Commerce Restricted Kenya, Tabitha Njuguna, stated, “Being recognised because the quickest rising African firm quickly after our enlargement into Kenya and Uganda is a unbelievable enhance as we proceed to solidify our group and affect farmers within the East African market. AFEX Honest Commerce Restricted goals to affect 100,000 farmers in Kenya and 20,000 farmers in Uganda, while driving over 200,000 metric tonnes of commodities traded by 2025 to assist East Africa’s meals safety and promote a good alternate of worth amongst gamers within the agricultural worth chain.”
AFEX additionally companions with completely different key gamers throughout the agricultural worth chain, together with processors, logistics service suppliers, monetary establishments, and regulatory authorities, to make its purpose of supporting Africa’s meals safety doable.