AFEX, Nigeria’s commodity market player and a private sector commodities exchange, has been ranked number one in the Financial Times (FT) rating of Africa’s Fastest-Growing Companies – Agriculture & Commodities category for 2022.
The listing of Africa’s Fastest Growing Companies compiled by the Financial Times features advanced, modern, and thriving businesses fueling the global economy in this 21st century.
The company topped the list by exhibiting its sales growth. It has launched the first Asset-Backed Commercial Paper listed on an African Commodities Exchange. It has also added over 350,000 digital farmers to their WorkBench platform.
Despite thousands of applicants, only 75 companies made the cut. In collaboration with Statista, Financial Times ranks these 75 companies with the fastest revenue growth in Africa between 2017 and 2020. And, AFEX emerged first in the list of Nigeria’s fastest-growing firms and third place overall in Africa’s fastest-growing companies.
We’re delighted to have come top of the FT’s Africa’s fastest-growing Agriculture & Commodities list. It is a significant accomplishment and recognises the work we have been doing over the past eight years. Although the global pandemic has proved challenging over the past two years, we’ve worked extremely hard to improve Africa’s commodity market. Innovations such as our Electronic Warehouse Receipts System (e-WRS) use blockchain technology to help farmers access credit safely.
Ayodeji Balogun, CEO at AFEX
The company has assisted farmers in the country’s major grain-growing states. In Nigeria and Kenya, its operates 126 warehouses with a total storage capacity of 120,000MT.