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:
- Build twenty warehouses in strategic locations, the construction on which is expected to generate over 700 temporary jobs and more than 80 permanent ones
- Improve its warehouse technology using next-generation software that captures post-harvest pricing
- Utilise smart storage solutions that preserve the lifespan of harvested crops, thus increasing the volume of available food.
- 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.