AFEX Commodities Exchange

Established in 2014, AFEX Commodities Exchange is Nigeria's first licensed private commodities exchange. The company operates a digital platform, ComX, which has facilitated over 1 million metric tonnes in trades, connecting smallholder farmers to financial and commodity markets. AFEX offers a range of services, including trading, financing, and market system development, aiming to build an inclusive and efficient market system for commodities in Africa. The company has reached over 500,000 farmers in Nigeria, Kenya, and Uganda, and has partnered with organizations like Consonance Investment Managers to deepen market opportunities. AFEX's mission is to support Africa's food security while promoting fair exchange of value among players in agricultural value chains. The company operates 45 warehouses in Nigeria's key grain-producing areas and accounts for 100,000 MT of total national storage capacity. AFEX's vision is to co-create solutions to help Africa feed itself, addressing challenges such as poor access to farm inputs, limited financing, and lack of warehouses faced by smallholder farmers. The company has been recognized as one of the fastest-growing startups in Africa, raising $26.5 million in funding in 2023. AFEX's CEO, Ayodeji Balogun, is a Nigerian entrepreneur and commodity trader who has been instrumental in the company's growth and development. Under his leadership, AFEX has expanded its operations and impact, contributing significantly to the development of Africa's commodity markets.