AFEX to invest N2 trillion in agric sector growth

Afex Commodities Exchange Nigeria has concluded plans to invest over N2 trillion to finance agricultural growth nationwide for the next five years.

It also recorded about $50 million transactions in agriculture value chain to small holder farmers across 15 States in Nigeria.

AFEX is Nigeria’s first private sector commodity exchange firm, established in 2014 under the aegis of the Africa Exchange Holdings Limited.

The Chief Executive Officer of AFEX, Ayodeji Balogun, made this known yesterday at the ongoing ICNCM 2020 gala night in Abuja.

Balogun said: “AFEX has since reached and enhanced the livelihoods of over 100,000 farmers and aggregated 100,000 metric tons of grains with the organisation’s overarching strategy of a national trading platform and supply chain network in carefully identified value chains through which farmers and commodity merchants can access and financial markets.

“So, when you focus on an agricultural commodities exchange, beyond being 25 per cent of our economy, and employ the latest pool in the country, it is actually one that can give us the kind of inclusive growth that we need. That is why the administration has focused heavily on the agricultural sector,” he said.

Looking back at the last five years, he said his team is focused on the need to solve problems.

“It is very fundamental that we create a system that shares prosperity, and rewards the farmers for their labour.

“Doing these, we have to set out our strategic plans across 15 states, build warehouses so that those in remote places, both in the North East and North West can operate also. We have to be committed to being able to pull through.

“We would be unlocking finance to about N50, 000 farmers across the state this will do by partnering with Federal capital market as well as some micro finance institutions that provide financing the structures that we have created.”

AFEX Vice President, Financial Market, Akin Akintunde, said the award was given to stakeholders that have supported AFEX to move the agricultural value chain forward.