AFEX raises $50 million to Finance SMEs in Nigeria’s Agric Sector

Please check your E-mail inbox or spam to confirm.

AFEX Commodities Exchange Limited (AFEX), a private commodities exchange company, has announced the first Warehouse Receipt Backed Commercial Paper in Africa. The paper has tech-enabled operations and a 24-hour fast cash turnaround for borrowers.

JOIN US FOR MORE ON:
or

This was disclosed by AFEX in a statement issued and seen by Nairametrics on Thursday.

The $50 million Agri-SMEs fund is expected to bridge the funding gap between lenders and borrowers in the Nigerian agricultural sector with a commodity-backed instrument – for the first time.

Ayodeji Balogun, CEO, AFEX, stated, “The AFEX financing deal will help eradicate the high cost of procurement incurred by processors by deploying a discounted value of a warehouse receipt distributed among five leading players in the Food and Beverage, Trading Poultry and Animal Feed segments in Nigeria.

“The receiving companies are top 10 players in their respective segments. They have now been enabled access to a tool for managing price volatility, enabling up to 30% direct savings on prices.

“With our vision to reach a cumulative total of over $5 Billion in investment to the agriculture sector over the next five years, this financing deal is right on track to achieve this goal.’’

He added that as AFEX move towards building a derivatives market in Africa, “we want to be able to reduce exposure to price risk for stakeholders, by enabling them to hedge their positions and trade in commodity derivatives.”

FREE ACCESS: How to run and manage Facebook, Instagram Ads: Meta Business Management

Free Meta Business Management Course


DISCLAIMER: Do not pay or release sensitive financial details to any organizer/recruiter unless futher verified from your end.
Easter Hunt Sale
Easter Sale
ACEworld Publishers

About the Author: ACEworld Publishers

At ACEworld Publishers, we publish Latest Opportunities, Jobs & Free Online Courses. Join us on Twitter .

Got a question/Suggestion? Let's talk!

LATEST OPPORTUNITIES:

🕛 Dec 31, 2022
Nanyang Technological University (NTU) PhD Scholarship for International Students 2023(Fully-funded)
in Post-Graduate Programs | for Post Graduates

🕛 Dec 31, 2022
Story Unlikely’s Short Story Contest 2022
in General Competitions | for Writers & Poets

🕛 Dec 31, 2022
Student Energy Summit (SES) 2023 Video Contest 2023
in General Competitions | for Youths

🕛 Dec 31, 2022
Study in Singapore: Enpee Group 2023 Masters Scholarship for Nigerian and Indian Students
in Masters Programs | for Nigerians

🕛 Dec 31, 2022
Sydani Fellowship Program for Nigerian Graduates 2022
in Fellowships | for Graduates

🕛 Dec 31, 2022
Voice.club-Family-Flash Point Contest 2022/2023
in General Competitions | for Writers & Poets

🕛 Jan 01, 2023
Holland-High Potential Scholarship at Maastricht University 2023
in Masters Programs | for Post Graduates

🕛 Jan 01, 2023
Study in USA: Dartmouth College 2023 King Scholars Program for Developing Countries
in Scholarships | for Undergraduates

🕛 Jan 01, 2023
Western Oregon University 2023-2024 Graduate Assistantship Program for International Students
in Post-Graduate Programs | for Post Graduates

🕛 Jan 03, 2023
FASPE Journalism Fellowship Program 2023
in Fellowships | for Journalists

2 3 4 5 6 7 8 9 10 11 12 13