AFEX, an African commodities market player, has secured first place in the Financial Times (FT) ranking of Africa’s Fastest-Growing Companies in 2023.
Since it first appeared on the inaugural list last year, AFEX has doubled in revenue and expanded operations into East Africa, having financed over 450,000 farmers and traded 526,850 metric tonnes of commodities in Nigeria, Kenya and Uganda.
Last year, AFEX ranked third on the overall FT Africa list while emerging as the fastest-growing in Nigeria and first in Africa’s Agriculture & Commodities category.
The FT’s Africa Fastest Growing Companies list comprises innovative, modern and fast-growing companies that are the driving force of the international economy in the 21st century.
The FT collaborates with Statista, a data research company, to produce similar rankings for companies in Europe, Asia, and America. The inclusion of AFEX on this prestigious list is a testament to its success and exceptional performance.
Like the ranking for other markets, the Africa list ranks African companies by their compound annual growth rate (CAGR) in revenue between 2018 and 2021. AFEX has grown by 25505.63% over the past 3 years, making it Africa’s fastest-growing company in 2023.
Currently operating over 200 warehouses in Nigeria, Kenya, and Uganda and serving over 450,000 farmers, AFEX plans to expand to 9 African countries within the next 10 years to create regional markets that balance demand and supply through intra-Africa trade.
Markets considered for expansion include Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia. Through its strategic expansions, AFEX aims to address the low regional trade level, which currently stands at 14.4% compared to 59%, 69% and 30.4% in Asia, Europe and North America, respectively.
By facilitating cross-border trade in Africa, AFEX looks to increase regional trade volume, improving capacity to meet the demand of Africa’s growing population. AFEX will continue leveraging its model of deploying infrastructure alongside access to capital and markets for the commodities sector in Africa to help accelerate the continent’s food security.
Ayodeji Balogun, Group CEO at AFEX, said, “We’re proud to enter FT Africa’s fastest-growing list for the second time and now ranking as the first fastest-growing in Africa. This is a testament to the hard work and perseverance of everyone at AFEX. We’re proud of the progress we’ve made so far and will continue to help farmers access markets directly.
“We also know that efficient warehousing is crucial for efficient food security, and technology will play a vital role in developing the agriculture industry in Africa. Our unique position enables us to contribute to Africa’s food security while promoting sustainable development for future generations.
“By 2025, we aim to impact 1 million food producers while driving 1 million MT in trade volumes. We’re incredibly proud to be building such a global business.”
The MD AFEX Fair Trade Limited Kenya, Tabitha Njuguna, said, “Being recognised as the fastest growing African company soon after our expansion into Kenya and Uganda is a fantastic boost as we continue to solidify our team and impact farmers in the East African market.
“AFEX Fair Trade Limited aims to impact 100,000 farmers in Kenya and 20,000 farmers in Uganda, whilst driving over 200,000 metric tonnes of commodities traded by 2025 to support East Africa’s food security and promote a fair exchange of value among players in the agricultural value chain.”
Since its launch in 2014, AFEX has been committed to levelling-up Africa’s agro-tech sector. Operating in three countries, AFEX addresses the challenges faced by African farmers, providing better access to inputs, credit facilities, micro-insurance, storage services, training, and markets.
AFEX also partners with different key players across the agricultural value chain, including processors, logistics service providers, financial institutions, and regulatory authorities, to make its goal of supporting Africa’s food security possible.
