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Nigeria: Food commodities exchange AFEX plans an African expansion

By David Whitehouse
Posted on Monday, 15 November 2021 16:58, updated on Tuesday, 16 November 2021 03:18

AFEX CEO Ayodeji Balogun. Photo supplied.

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.”