AFEX, Nigeria’s first licensed private commodities exchange, is expanding its commodities exchange business to Uganda after expanding to Kenya.
The company’s technology-enabled services will aid farmers in Uganda, similar to how it has benefited farmers in Kenya and Nigeria.
The company aims to reach 10,000 farmers and aggregate 15,000 metric tons of commodities in its first year in Uganda while providing aggregation, storage, and financial inclusion services.
The company plans to replicate its successful model from Nigeria and Kenya, which combines technology and infrastructure with an understanding of African food systems and local markets.
The focus will be on crops such as maize, sorghum, soybeans, barley, and coffee, with maize being the initial priority. The company will be working with local and international partners.
AFEX Uganda, under Abdul-Hafeez Odusanya, is working to address the lack of infrastructure for storage, credit, and market access in Uganda’s food production industry.
They have set up warehouses in several districts and plan to introduce their technology platform, WorkBench, to empower farmers to participate in market opportunities and expand their operations.
Odusanya expresses excitement for leading this next phase of growth for AFEX in East Africa and its potential impact on Uganda’s inclusive and efficient market system for farmers.