Commodities platform AFEX receives $26.5mn from British International Investment

UK development finance institution British International Investment has committed USD 26.5mn to AFEX, a commodities platform with operations in Nigeria, Kenya and Uganda.
The investment will be deployed in a number of ways, which are to:

  1. Build twenty warehouses in strategic locations, the construction on which is expected to generate over 700 temporary jobs and more than 80 permanent ones
  2. Improve its warehouse technology using next-generation software that captures post-harvest pricing
  3. Utilise smart storage solutions that preserve the lifespan of harvested crops, thus increasing the volume of available food.
  4. Develop a soybean processing plat in Ibadan and a drying facility in Uganda.

Furthermore, the additional warehouses will provide 230,000 MT of storage capacity that will provide up to 230,000 more farmers with access to low-cost storage—the company currently operates over 200 warehouses in Nigeria, Kenya and Uganda and serves over 450,000 farmers.