Nigerian spice exporter Agricorp gets US$17.5m from Vami, AFEX, One Capital for expansion

NIGERIA – Agricorp International, Nigerian based spices producing, processing, and exporting startup has raised US$17.5 million in Series A funding led by Vami Nigeria with US$11.5 million in equity. The fundraising round also attracted the participation of Nigeria’s leading commodity trader – AFEX, alongside One Capital LLC, who provided working capital financing for the company. The investment, according to Agricorp will be channelled towards expanding its processing capacity to 7,000 metric tonnes, set up regional sales operations in South Africa and East Africa, acquire certifications for food safety and hygiene,…

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Nigerian commodity trader AFEX partners with SWAgCo, Ogun State to promote production of staple crops

NIGERIA – Nigeria’s leading commodity player, AFEX, has partnered with agricultural investment company, South-West Agriculture Company (SWAgCo), and the Ogun State Government for the development of five thousand hectares (5000 ha.) for the production of multi-crops in the South-West region of Nigeria. The partnership was announced at an MoU signing ceremony at the deal room of the Feed Nigeria Summit 2021 with the focus crops for the partnership to include cassava, rice and maize. According to the Commissioner of Agriculture for Ogun State, Dr. Adeola Odedina, the parties aim to…

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Nigerian commodity trader AFEX proudly supports over 160,000 farmers in the last five years

NIGERIA – AFEX Commodities Exchange Limited (AFEX), a leading private commodities exchange company in Nigeria, has launched a 5-year impact report, reviewing its operations since it launched in 2014. Since its inception, the organization has set out to build a platform that addresses major development challenges in Africa’s food systems by investing in innovations, with the potential for sustainable social impact in rural households and the larger society. “When we started AFEX, we recognized the need to create a systemic and sustainable change in the commodities market by creating a…

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AFEX Nigeria: Transforming Grains Commodity Markets with Technology

Developing viable commodity markets in Africa is fraught with failures and disappointments. AFEX, a private commodity trading enterprise based in Nigeria has shown that there are many opportunities in the sector. Food Business Africa had a conversation with the firm’s CEO, Ayodeji Balogun on his company and the opportunities in the sector. Authorities across Africa have failed at attempts to establish and streamline the warehousing receipt systems that would lead to organized, working and transparent commodity exchange systems that eventually lead to food security and improved trade in the Continent.…

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