AFEX, Africa’s leading commodities market player has announced plans to expand into seven new African countries.
Markets considered for expansion include Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia.
By The Numbers
AFEX has grown by 505.3% over the past 3 years, making it Africa’s fastest-growing company in 2023.
It currently operates over 200 warehouses in Nigeria, Kenya, and Uganda and serves over 450,000 farmers. They plan to expand to 9 African countries within the next 10 years to create regional markets that balance demand and supply through intra-Africa trade.
Through its strategic expansions, AFEX aims to address the low regional trade level, which currently stands at 14.4% compared to 59%, 69%, and 30.4% in Asia, Europe, and North America, respectively.
AFEX will continue leveraging its model of deploying infrastructure alongside access to capital and markets for the commodities sector in Africa to help accelerate the continent’s food security.
What They’re Saying
The MD AFEX Fair Trade Limited Kenya, Tabitha Njuguna, said, “Being recognised as the fastest growing African company soon after our expansion into Kenya and Uganda is a fantastic boost as we continue to solidify our team and impact farmers in the East African market.
AFEX Fair Trade Limited aims to impact 100,000 farmers in Kenya and 20,000 farmers in Uganda, whilst driving over 200,000 metric tonnes of commodities traded by 2025 to support East Africa’s food security and promote a fair exchange of value among players in the agricultural value chain.”