October 2, 2022

Nigeria: Food commodities exchange AFEX plans an African expansion – The Africa Report

  • November 16, 2021
  • 2 min read
Nigeria: Food commodities exchange AFEX plans an African expansion – The Africa Report

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By David Whitehouse
Posted on Monday, 15 November 2021 16:58, updated on Tuesday, 16 November 2021 03:18
Nigeria’s first private-sector commodities exchange AFEX is planning to expand to Côte d’Ivoire, Ghana, Uganda and Tanzania, CEO Ayodeji Balogun tells The Africa Report.
AFEX plans to enter Côte d’Ivoire first in 2022, with the other three countries to follow in 2023, says Balogun from Abuja, where the exchange is based.
The exchange, Balogun says, aims to help Africa feed itself through a period of rapid demographic growth. The key elements that agricultural producers need to achieve the scale to do that are finance, storage and market access, he argues. The company aims to bring food producers and investors together, Balogun says. “We see ourselves as a double-sided market.”
READ MORE Food inflation may be Nigeria’s biggest hit from Covid-19
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