African Commodities Exchange (AFEX) expands operations to Uganda
Nigeria’s AFEX is now moving to Uganda after extending its commodities exchange operation in Kenya in June of last year. Farmers in the nation will profit from AFEX’s tech-enabled services for agricultural producers, much like in Kenya and Nigeria.
The company plans to extend its aggregation, storage, and financial inclusion services to Ugandan farmers and processors in its first year of business. It hopes to reach 10,000 farmers and collect 15,000 metric tons of commodities.
In order to repeat its accomplishments in Nigeria and Kenya in Uganda, AFEX claims it will continue to execute its scalable approach, which combines cutting-edge technology and infrastructure with a special understanding of the continent’s food systems and local markets. The operation will concentrate on maize, sorghum, soybeans, barley, and coffee, with maize being the first priority, and will work closely with local and international partners.
The International Trade Administration claims that Uganda lacks the market access, financing, and storage facilities required to maintain its current level of food production. AFEX Uganda has erected warehouses in the Lira district of northern Uganda as well as the Bulambuli and Kapchorwa districts in eastern Uganda to start addressing these problems. AFEX will be providing its suite of products, including its technology platform, WorkBench, under the direction of Abdul-Hafeez Odusanya, Managing Director, AFEX Uganda, to help farmers take advantage of market opportunities and expand their businesses.
I’m ecstatic to be in charge of AFEX’s next phase of expansion in East Africa and am looking forward to learning how Uganda’s success will affect AFEX’s portfolio of cutting-edge food system solutions. I’m certain that AFEX Uganda will make a significant contribution to the creation of an inclusive and effective market system, providing Ugandan farmers with the assistance and facilities they require to increase productivity and gain access to wider markets. The managing director of AFEX Uganda, Abdul-Hafeez Odusanya, expressed delight at the new chance.
Frequently referred to be the “bread basket” of Africa Uganda has one of the most active commodity markets in the continent, with tremendous room for expansion. The government is also keen to work with the private sector to commercialize agriculture. 2022’s first quarter saw agriculture provide 24% of the nation’s GDP. The East African Community Customs Union and the African Continental Free Trade Area (AFCTA), which both grant access to the global market, have also been ratified by the government.
Since its beginning, AFEX has focused on gaining a solid footing throughout Africa. AFEX Uganda is the most recent of a planned expansion to 10 African nations over the next five years. AFEX has announced new appointments and internal promotions among its leadership as part of its restructuring for the future, to improve efficiency and put a greater emphasis on the regions.
Sanne Steemers, who was appointed in October 2022, is now President, Rest of Africa, in charge of the company’s growth across the continent. Akinyinka David Akintunde, who served as Chief Operating Officer, is now President, AFEX Nigeria, in charge of the company’s operations in the West African nation.
