Abuja, Nigeria – (African Boulevard News) – Private Nigerian commodities market AFEX is embarking on a new fundraising campaign with the aim of raising $50 million. The company, co-founded by Nigerian billionaire Tony Elumelu, plans to use the funds to build 20 warehouses across the country. This move comes as the new CEO, Ayodeji Balogun, seeks to solidify AFEX’s position as a leading marketplace for agricultural commodities.
AFEX has been at the forefront of revolutionizing the agricultural sector in Nigeria. By creating a platform that connects farmers with buyers, the company has provided a solution to the age-old problem of post-harvest losses and lack of structured markets. With the addition of these 20 warehouses, AFEX aims to further improve its services and provide farmers with access to proper storage facilities.
Balogun, who stepped into the role of CEO earlier this year, is determined to take AFEX to new heights. He believes that the success of the fundraising campaign will not only benefit the company but also the wider agricultural industry in Nigeria. Balogun states, “We are committed to empowering farmers and bridging the financing gap in the agricultural value chain. By building these warehouses, we will be able to provide better storage facilities and ensure that farmers can sell their produce at the right time and at fair prices.”
The warehouses will be strategically located across Nigeria, allowing farmers from different regions to have equal access to storage facilities. This will not only reduce post-harvest losses but also enable farmers to store their produce for longer periods, taking advantage of favorable market conditions.
Industry experts have praised AFEX’s efforts and its impact on Nigeria’s agricultural sector. Dr. Akinwumi Adesina, President of the African Development Bank, commends AFEX for its innovative approach to addressing key challenges in the agricultural value chain. He says, “AFEX has demonstrated that it is possible to create a transparent and efficient commodities market in Nigeria. By raising funds to build more warehouses, they are poised to have an even greater impact on farmers’ livelihoods.”
The fundraising campaign is expected to attract both local and international investors who are keen to support Nigeria’s agricultural sector. AFEX has a solid track record and has already raised significant capital in previous rounds. With the new funds, AFEX aims to expand its operations and empower even more farmers across the country.
In conclusion, AFEX’s aim to raise $50 million for the construction of 20 warehouses is a significant step towards providing better storage facilities and bridging the financing gap in Nigeria’s agricultural value chain. With the support of investors, AFEX is well-positioned to continue its mission of empowering farmers and transforming the agricultural sector in Nigeria.
