Africa’s leading commodity exchange, and NG Clearing Limited, AFEX commodities exchange has emerged first on financial times Africa’s fastest growing Companies 2023 list.
The company’s position on the recent list compiled by Financial Times is a testament to its success and exceptional performance that saw it move from 3rd position in 2022 to first position in 2023.
Since it appeared on the list last year, the company has doubled in revenue and expanded its operation across Africa, having moved 450,000 farmers and traded 526,850 metric tonnes of commodities in Kenya, Uganda, and Nigeria.
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Commenting on its position on the latest ranking as First on Financial Times Africa’s Fastest Growing Companies 2023 List, the company wrote,
“We are honored to be recognized by Financial Times as the number one fastest growing company in Africa. This is a success for both Nigeria and Africa as we continue in our vision to grow the commodities market ensuring that farmers have ready access to capital and markets, trade occurs seamlessly, and prosperity is unlocked for all players. We are building for Africa and we appreciate our clients, Xperts, and partners who are on this exciting journey with us”.
Also commenting on its recent ranking in Financial Times Africa’s Fastest Growing Companies 2023 List, AFEX Group CEO Ayodeji Balogun said,
“We’re proud to enter FT Africa’s fastest-growing list for the second time and now ranking as the first fastest-growing in Africa. This is a testament to the hard work and perseverance of everyone at AFEX. We’re proud of the progress we’ve made so far and will continue to help farmers access markets directly. We also know that efficient warehousing is crucial for efficient food security, and technology will play a vital role in developing the agriculture industry in Africa.
“Our unique position enables us to contribute to Africa’s food security while promoting sustainable development for future generations. By 2025, we aim to impact 1 million food producers while driving 1 million MT in trade volumes. We’re incredibly proud to be building such a global business.”
Since its inception in 2014 as Nigeria’s first licensed private commodities exchange, AFEX has been committed to advancing Africa’s agro-tech sector. In the last eight years, the company disclosed that it has assisted over 350,00 farmers and fed over 4,000,000 people. Its infrastructural and platform investments seek to free up capital in Africa’s commodities markets, encouraging a trust economy to develop.
In 2022, the company signed an agreement to develop the infrastructure that facilitates trading and central clearing of futures contracts for commodities such as Maize, Soyabean, cocoa, and paddy rice in Nigeria.
AFEX has created and deployed a sustainable commodities exchange model for the West African market and it is on course to impact one million producers by delivering productivity and value capture services, as well as access to finance and markets. By bridging the gap between agro-processors and investors, AFEX improves food security and efficiency in food production.
AFEX’s mission goal is to become Africa’s leading commodity exchange. It aims to achieve this goal by introducing products that de-risk the industry, promote access to finance in rural communities, create data collecting and market access technology, and facilitate capital deployment. Its operations are tech-enabled, with custom-built solutions that aim to drive transparency and efficiency in Africa’s fragmented commodity value chains.