AFEX, a major player in Pan-African commodities, has published its second impact report summarizing its activities over the last five years. Since its establishment in 2014, the company has collaborated with more than 500,000 farmers and facilitated trades totaling over 1,000,000 metric tons. Building upon the findings of its inaugural impact report in 2021, AFEX has intensified its efforts to foster positive change in Africa’s commodities markets, aligning with Sustainable Development Goals 1, 2, 5, 8, 12, and 13.
The latest report introduces an updated version of AFEX’s theory of change, initially unveiled in 2021 alongside the first report. Notably, the company’s efforts in Climate Action (SDG 13) are now incorporated into both the theory of change and the comprehensive report. As climate change impacts escalate across Africa, farmers are grappling with unprecedented challenges such as floods, heightened droughts, and reduced rainfall, all of which imperil agricultural productivity and exacerbate food insecurity. AFEX is actively contributing to the promotion of sustainable, climate-resilient agriculture for African farmers, thereby bolstering food security and fostering continental self-sufficiency.
The report highlights a concerning trend: rural poverty in Nigeria has worsened in 2023 compared to the baseline measurement recorded in 2020. Alarmingly, over 80 percent of Nigerian farmers still find themselves below or hovering around the poverty line, in stark contrast to the 43 percent of Kenyan farmers facing similar circumstances.
AFEX, operating across both countries, emphasized its initiatives aimed at securing livelihoods. These initiatives encompass providing farmers with certified seeds, high-quality fertilizer, as well as extension and storage services facilitated by strategically located warehouses.
Ayodeji Balogun, the Group CEO of AFEX, remarked, “Our impact goals are integral to our business growth and expansion, ensuring the development of a commodities market that is both inclusive and efficient. We are dedicated to making a positive difference in the communities where we operate, empowering farming communities, fostering economic opportunities, and aiding Africa in sustaining itself.”
Akinyinka Akintunde, President of AFEX Nigeria, emphasized, “This report signifies a significant milestone for AFEX, serving as a roadmap guiding us towards a more sustainable and responsible future, while building an efficient commodities marketplace in Africa. We remain committed to developing a food system for the future and fostering shared prosperity, ensuring that everyone is included in the journey to transform the agricultural ecosystem.”
He further stressed the need for comprehensive efforts to create sustainable value in the commodities market, especially in light of the compounding challenges posed by climate change effects.
“In this challenging environment, AFEX remains steadfast in driving change through operations aimed at enhancing livelihoods, ensuring food quality, and fostering well-functioning markets,” he stated.
AFEX operates as a platform business facilitating efficient commodity trade across Africa.
