Over 500,000 Farmers Impacted by AFEX in 10 Years

Gilbert Ekugbe

A leading Pan-African commodities player, AFEX has stated that since inception, over 500,000 Nigerian farmers have benefitted from its operations in the last decade.

Releasing its second impact report covering activities over the past five years, AFEX said that it has also executed over 1,000,000 metric tonnes in trade since 2014.

The report said following the publication of its first impact report in 2021, AFEX has doubled down on driving impact through its work in Africa’s commodities markets, positively contributing to Sustainable Development Goals (SDGs) 1,2,5,8,12 and 13.

The new report features an updated version of the AFEX theory of change, which was released for the first time in 2021, when the first report was published.

The company’s work in Climate Action, SDG 13, has also been captured and included within the context of the ToC and the fuller report. 
Climate change effects have become increasingly relevant in Africa, with farmers facing record impacts on their activities. Floods, increased droughts, and fewer rainfalls have threatened farmer productivity, resulting in food insecurity.

AFEX is contributing to enabling sustainable climate resilient agriculture for farmers in Africa, which helps increase Africa’s food security while achieving self- sufficiency for the continent. 

According to the report, “Rural poverty in Nigeria is more widespread in 2023 compared to baseline measurement in 2020”. Over 80% of Nigerian farmers still existed around and below the poverty line compared to 43% of Kenyan farmers existing around and below the poverty line. AFEX, which has operations across these two countries highlighted its efforts to secure livelihoods including providing farmers with certified seeds, quality fertilizer as well as extension and storage services through strategically distributed warehouses. 

AFEX’s Group Chief Executive Officer, Ayodeji Balogun, said, “Our impact goals are essential as we grow our business and expand, as it ensures that we are able to build a commodities market that is as inclusive as it is efficient. We look to create a positive difference in the places that we operate, empowering farming communities, fostering economic opportunity and helping Africa sustainably provide for itself.” 

On the part of its president, AFEX Nigeria, Akinyinka Akintunde, also indicated that, “This report marks a significant milestone for AFEX. It serves as a roadmap that guides us towards a more sustainable and responsible future building an efficient marketplace for commodities in Africa. We will continue to build a food system for the future and create shared prosperity, ensuring that no one is left behind in the journey to transform the agricultural ecosystem.”  

Comprehensive efforts are required to create sustainable value in the commodities market particularly as challenges are being compounded by climate change effects. AFEX continues to drive change in this tough environment as its operations focus on contributing to improved livelihoods, quality food and well-functioning markets. 

AFEX is a platform business that enables efficient trade for commodities in Africa. Solutions start at the 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 3 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 the 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; unlocking finance for production, trade, processing and export of commodities.