AFEX Raises $26.5 Million From British International Investment to Boost Africa's Agricultural Sector
AFEX, a Nigeria-based commodities platform, has raised $26.5 million in funding from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor.
The investment will be used to build 20 modern warehouses in strategic locations in Nigeria, Kenya, and Uganda, scale warehouse technology, and next-generation software that captures post-harvest pricing, and develop a soybean processing plant in Ibadan, Nigeria, and a drying facility in Uganda.
The additional warehouses will provide 230,000 MT of storage capacity, enabling up to 200,000 more farmers to access low-cost storage and maximise sales from crop harvests, potentially helping increase farmer incomes by more than 200 per cent.
BII’s investment will also help to develop new markets for smallholder farmers and provide them with access to training and other resources to improve their productivity and profitability.
The investment in AFEX is expected to have a significant impact on food security in Africa.
By supporting smallholder farmers to produce more and higher quality crops, AFEX is helping to increase the availability of food and reduce prices for consumers.
The company’s investment in storage and processing facilities will also help to reduce food waste and ensure that more food is available for people to eat.
Overall, the investment in AFEX is a positive development for Africa’s agricultural sector and food security.
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