UK-backed AFEX Celebrates 10 Years of Driving Agricultural Growth and Food Security Across Africa

By: Michael Mike

A leading commodities player in Africa, AFEX, with support from the UK Government, has significant achievements across Nigeria, Kenya, Uganda, and Côte d’Ivoire, as it commemorates its 10th year reshaping the agriculture value chain in Africa, contributing to building sustainable food systems and creating lasting impact for farmers, agribusinesses, and communities.

Through their operations providing capital and storage infrastructure to farmers, processors and other parts of the value chain, AFEX has remained steadfast in its mission to enhance food security, reduce post-harvest losses, and introduce liquidity into agricultural markets through efficient market structures.

Established in 2014 as the first private commodities exchange in Nigeria, AFEX has directly supported smallholder farmers by providing them with access to finance, high-value market opportunities, and crucial extension services. This has not only improved the livelihoods of these farmers but also enhanced their productivity and overall output. Within the same period, AFEX has also grown its presence across the continent, expanding from Nigeria into Kenya, Uganda, and Côte d’Ivoire, and establishing regional commodity markets that facilitate cross-border trade while strengthening food systems throughout these regions.

In Nigeria, AFEX has expanded its farmer network to over 500,000 and traded over 1 million metric tons of essential crops such as maize, rice, sorghum, and soybeans. This trading volume has made a significant contribution to improving food availability and stability in its operational areas. Furthermore, through its financing platform, AFEX has injected over $250 million into agricultural value chains, ensuring that farmers have access to the capital they need to scale their production.

Since expanding into Kenya and Uganda in 2021 and 2022, AFEX has been bullish in the pursuit of their strategic Pan-African expansion goal to penetrate 8 African countries in the next decade, promoting the efficient trade of commodities in Africa while supporting the AFCFTA’s objectives to boost regional trade integration on the continent. Today, its East African operations have impacted over 30,000 farmers through financing and storage services, traded over 12,000 metric tonne and traded about KSH1,600,000,000. In its newest market, Côte d’Ivoire, announced at the beginning of 2024, AFEX has onboarded over a thousand farmers, and disbursed maize inputs across 155 hectares, boosting productivity and food self-sufficiency.

Commenting on the anniversary, the UK’s Deputy High Commissioner in Lagos, Mr. Jonny Baxter, said: “The UK is proud to have provided early-stage funding to AFEX 10 years ago, and to see the company grow with such success, enhancing agricultural productivity and bolstering food security in Nigeria. The agricultural sector stands as a vital pillar to Nigeria’s economy, playing a significant role in job creation and investment potential. We look forward to continuing to support Nigeria’s agriculture sector and the opportunities this provides for its economic growth.”

Group CEO, AFEX, Ayodeji Balogun, reflected on the company’s 10-year journey, stating, “These past 10 years have been about creating innovative solutions for African agriculture and developing sustainable ecosystems that empower farmers. As we mark this milestone on World Food Day, we are reminded that our mission is more critical than ever. Our goal is to continue building the infrastructure and platforms that will secure Africa’s food future.”

Speaking about British International Investment’s $26.5 million commitment to AFEX in 2023, Nigeria Coverage Director of the UK’s development finance institution (DFI), Mr. Benson Adenuga said: “We are delighted to partner with AFEX to provide the necessary support to scale into a pan-African champion, driving agribusiness and strengthening food systems in multiple countries across the continent. Our commitment will support AFEX to construct 20 warehouses in strategic locations in Nigeria, Kenya and Uganda, increasing storage capacity for up to 200,000 farmers and underlining our mandate to support ambitious businesses in Africa”.

A key element of AFEX’s impact lies in its investment in infrastructure. Over the past decade, the company has developed a robust network of more than 200 warehouses across Africa, providing secure storage for agricultural produce and reducing post-harvest losses by up to 30% in some regions. By reducing post-harvest losses and improving productivity, AFEX is playing a critical role in enhancing food security, addressing the challenges of climate change and promoting sustainable agricultural practices across Africa. This commitment mirrors the global call to action on World Food Day to ensure that food systems are inclusive, resilient, and capable of feeding future generations.

AFEX is a platform business that enables efficient trade for commodities in Africa. Solutions start at producer level, ensuring improvement in productivity and livelihoods while building up commodity volumes in the right quality and quantity for local and regional trade.

Operating through three business units, AFEX addresses the challenges faced by smallholder farmers, providing better access to inputs, credit facilities, micro-insurance, storage services, training, and markets. Partnership with different key players across the agricultural value chain – including processors, logistics service providers, financial institutions, and regulatory authorities – makes its goal of supporting Africa’s food security possible.

A range of clients and members also trade physical commodities and commodity contracts through AFEX’s technology platforms, as AFEX continuously bridges the gap between the capital market and the commodities market, thus unlocking finance for production, trade, processing and export of commodities.

Saudi Arabia Congratulates Nigerians on Independence Day

By: Michael Mike

The government of Saudi Arabia has congratulated President Bola Tinubu on Nigeria Independence Day Celebration.

A statement by the Embassy of Kingdom of Saudi Arabia on Tuesday read: “The Custodian of Two Holy Mosques, His Royal Highness, King Salman bin Abdulaziz, and Crown Prince/Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz, extended the Kingdom’s heartfelt congratulations to President Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, on the occasion of Nigeria’s Independence Day.

The statement added that: “In a formal cable, the King Salman and Prince conveyed their best wishes for the continued good health and happiness of President Tinubu. They also expressed their hopes for ongoing progress and prosperity for the Nigerian government and its people.”

The statement claimed that: “The gesture further cements the diplomatic ties between Saudi Arabia and Nigeria, reflecting mutual respect and a shared vision for development.

“The Crown Prince’s message shows the importance of fostering strong international relations and the commitment to supporting Nigeria’s growth and success on the global stage.”

According to the statement, Nigeria, which gained independence on October 1, 1960, is celebrating its 64th anniversary this year. The occasion marks a significant moment for the nation as it continues to build on its rich history and pursue economic and social progress.

Saudi Arabia Congratulates Nigerians on Independence Day

China Underlines Nigeria Importance

By: Michael Mike

China has underlined Nigeria importance to its plan in Africa, stating that the West African country remains one of its most reliable allies.

Speaking at the 75th anniversary of the founding of the People’s Republic of China(PRC), China’s Ambassador to Nigeria, Yu Dunhai said Nigeria remains China’s largest project contracting market, the second largest export market, third largest trading partner, and a major investment destination in Africa.

The Ambassador said that since the establishment of diplomatic relations in 1971, China and Nigeria have been enjoying a long-standing friendship, with strengthened high-level engagements, consolidated political mutual trust, deepened people-to-people exchanges, and fruitful outcomes of practical cooperation.

He said: “Nigeria remains China’s largest project contracting market, the second largest export market, third largest trading partner, and a major investment destination in Africa.

“In 2023, bilateral trade between our two countries reached $22.5 billion.

“Our practical cooperation has achieved fruitful results in areas such as infrastructure, investment, trade, agriculture and green economy, covering projects for aviation, on land and in the sea.”

The envoy said over the past 75 years since the founding of the PRC, under the strong leadership of the Communist Party of China (CPC), the Chinese nation has forged ahead in unity and has achieved tremendous transformation from standing upright to becoming prosperous and growing in strength

He noted that over the past decade, the CPC has rallied and led the entire Chinese nation to win the largest battle against poverty in human history.

He said: “Each year , an average of 10 million people were lifted out of poverty, which is equivalent to the population of a medium-sized country.

“At present, nearly 100 million Chinese people in total have shaken off poverty. China has accomplished the historic mission of building a moderately prosperous society in all respects.

“The living standards of Chinese people have grown from bare subsistence to moderate prosperity, while China has moved from weakness and poverty to strength and prosperity, achieving the twin miracles of rapid economic development and long-term social stability in human history.

“Between 2013 and 2023, China contributed over 30 percent on average to global economic growth, making it the largest driving force for the world economy.”

Yu also added that presently, the Chinese people have embarked on the new journey toward the Second Centenary Goal, which is, 2049, to build our country into a great modern socialist country in all respects that is prosperous, strong, democratic, culturally advanced, harmonious and beautiful.

Speaker, House of Representatives, Rt. Hon. Abbas Tajudeen, who was at hand to celebrate with China, congratulated the country on its 75th anniversary and its growth and achievements.

He also announced that the House of Representatives will be actively engaging through our China-Nigeria Parliamentary Friendship Group initiative to explore various areas for collaboration and cooperation, focusing on sectors such as trade, technology transfer, infrastructure development, and cultural exchange.

He said: “By learning from China’s experience in leveraging its legislature for national advancement, we can better position ourselves to address the challenges facing our own country.

“We reaffirm our commitment to enhancing cooperation between Nigeria and China because we believe that it is imperative that we work hand-in-hand to address common challenges while seizng opportunities for growth that benefit both nations.”Tajudeen said.

The founding of the People’s Republic of China (PRC), is a significant moment in China’s history following the Chinese Civil War and victory of Mao Zedong’s Communist forces over the Kuomintang forces of Generalissimo Chiang Kai-shek, Mao Zedong proclaimed the founding of PRC on 1 October 1949.

China Underlines Nigeria Importance