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AFEX launches commodity-backed instrument to act as funding bridge in agriculture industry

Feb 16, 2021Feb 16, 2021 Editor

NIGERIA – AFEX Commodities Exchange Limited (AFEX), a leading private commodities exchange company in Nigeria, has announced a financing deal featuring tech-enabled operations, a 24-hour fast cash turnaround for borrowers and uses commodity as security. This will be made possible through its Warehouse Receipt Backed Commercial Paper, the first in Africa, aimed to bridge the funding gap between lenders and borrowers in the Nigerian agricultural sector. With over US$50 million raised for Agri-SMEs, this financing deal will help eradicate the high cost of procurement incurred by processors by deploying a discounted…

Contribution of Agriculture to Africa’s economy could triple if proper investments were made into the sector – AFEX

Dec 28, 2020Dec 28, 2020 Editor

NIGERIA – Agriculture has for a long time been viewed as a traditional low productivity sector that had to provide labor and other resources to fast-growing modern sectors such as manufacturing. Mr. Ayodeji Balogun, the CEO of AFEX Commodities Exchange however notes that if proper investments are made in the agricultural sector, the current contributions being made to the economy by this sector can be doubled or even tripled. As its own contribution to improving the agricultural situation in Africa, AFEX developed ComX – a digital commodities trading App for…