AFEX seeks to raise US$65M to drive expansion into 7 new African countries

NIGERIA – AFEX, Nigeria’s first private agricultural commodities exchange player, has announced plans to raise US$65 million to fund its expansion plan into seven new African countries in a bid to capitalize on the growth in intra-African trade.

According to Eficon Agency, the funding will enable AFEX to take advantage of growing trade across the continent resulting from the entry into force of the Zone Continental

Free Trade Association (Zlecaf).

Founded in 2014, AFEX already operates in Nigeria, Kenya, and Uganda, where it trades nine agricultural commodities, including maize, wheat, sorghum, and cocoa.

Since it first appeared on the inaugural list last year, AFEX has doubled in revenue 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.

According to the company executives, AFEX plans to expand to 9 African countries within the next 10 years to create regional markets that balance demand and supply through intra-Africa trade.

Markets considered for expansion include Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia.