AFEX to grow operation ten-fold over next five years, Balogun says| Ayodeji Balogun, the Regional Director, AFEX Commodities Exchange Limited , a market-leading commodities exchange in Nigeria said operation of the Commodity Exchange would grow ten-fold in the next five years.
Balogun said this after AFEX www.afexnigeria.com announced that it has secured an investment for an undisclosed amount from Consonance Investment Managers, a Sub-Saharan Africa focused early-stage and growth investment firm.
According to AFEX, the funds will be used to deepen retail commodity transactions, strengthen operations and technology systems.
“We are delighted to welcome Consonance Investment Managers as partners on this journey.
“The future requires AFEX to provide our infrastructure as a service to the market and unlock capital for the agriculture sector in Nigeria.
“We will grow our operations ten-fold over the next five years; we also aspire to increase funding to agriculture from N500 billion or US$ 1.5 billion to more than N2 trillion or US$7.5 billion by 2025,”Balogun said.
Also, Mobolaji Adeoye, the Managing Partner at Consonance Investment Manager said: “We are proud to support Ayodeji and the AFEX team in their mission to transform Nigeria’s agricultural sector.
“AFEX increases trust and transparency in local agricultural supply chains by connecting farmers to market”.
Adeoye stated that AFEX limited has established the infrastructure which will undergird Nigeria’s food security agenda and the Central Bank of Nigeria’s economic diversification program.
“It will also be vital in deepening capital markets in line with the mission of the Securities and Exchange Commission of Nigeria”, Adeoye said
AFEX is in the business of linking producers and consumers of commodities with a system that supports a fair exchange of value, and creates a trust economy where producers, processors as well as investors can fulfill their potential for increased productivity and wealth creation.
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