Grace Ashiru
AFEX, Pan African Commodities Player, Ranks 5th on 2024 Fastest Growing Companies in Africa List. Lagos, Nigeria. 14 May 2024, AFEX, Africa’s leading commodities market player, announced that it has secured a place in the Financial Times (FT) ranking of Africa’s Fastest-Growing Companies in 2024. Coming in at Number 5 this year, this marks the organization’s 3rd consecutive entry on the list, after ranking as the fastest growing company in Africa in 2023
The Financial Times, in partnership with Statista, recognizes Africa’s most exciting businesses through the Fastest Growing Companies ranking, celebrating thriving businesses with exceptional revenue growth. The list ranks African companies by their compound annual growth rate (CAGR) in revenue for 2019 and 2022. In that period, AFEX grew by 287.82% in the 4-year period, despite still felt effects of COVID-19, macroeconomic headwinds and market upheavals caused by uncertain policy environments and increasing natural disasters/ climate change effects witnessed in its existing markets of Nigeria, Kenya and Uganda.
Since 2019, AFEX has been working across Africa, creating an efficient market for commodities trading and solving food insecurity by driving financing from the Nigerian Capital markets and retail investors. In 2020, the launch of their digital trading platform, ComX, lowered barriers for commodity trading and alternative investments, while providing transparent financing options for the currently fragmented agriculture value chain. Through innovative financial instruments like the FETC and Asset Backed Commercial Papers which have historically performed well, AFEX is creating the infrastructure to boost agriculture production across Africa.
Akinyinka Akintunde, President/CEO, AFEX Nigeria said “We are proud to once again be featured on the Fastest growing companies list for the third time in a row. This year’s entry is perhaps more significant for us considering the harsh market environment that a lot of businesses are undoubtedly contending with. This is a testament to all the work we have put in over the past few years to ensure Africa’s food self-sufficiency. Our expansion into Cote d’Ivoire this year also mirrors our commitment to our strategic expansion plan, Project Black Panther, which sees us replicating our business model in 9 African countries in the next decade to improve cross border trade on the continent”.
Today, AFEX has impacted the lives of over 500,000 farmers across 4 countries, while prioritizing creating a positive and lasting difference in their communities. Ultimately, AFEX is empowering local farming communities, fostering economic opportunities, and contributing to Africa’s sustainable self-sufficiency as the company prioritizes its impact goals.
About AFEX
AFEX is a platform business that enables efficient trade for commodities in Africa. Solutions start at the producer level, ensuring improvement in productivity and livelihoods while building up commodity volumes in the right quality and quantity for local and regional trade.
Operating through 3 business units, AFEX addresses the challenges faced by smallholder farmers, providing better access to inputs, credit facilities, micro-insurance, storage services, training, and markets. Partnership with different key players across the agricultural value chain, including processors, logistics service providers, financial institutions, and regulatory authorities, makes the goal of supporting Africa’s food security possible.
A range of clients and members also trade physical commodities and commodity contracts through AFEX’s technology platforms as AFEX continuously bridges the gap between the capital market and the commodities market; unlocking finance for production, trade, processing and export of commodities
