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:

🕛 Jan 10, 2023
VIB-IPBO Open Doors Fellowship Program for African Women Researchers 2023
in Fellowships | for Girls & Women

🕛 Jan 11, 2023
Global Health Corps (GHC) 2023 Africa Fellowship for Young Professionals (Fully-funded)
in Fellowships | for Africans

🕛 Jan 11, 2023
Trust for Sustainable Living (TSL) International Student Essay Competition 2023(Win $500 + trip to a TSL Summit)
in Essay Contests & Prizes | for Children

🕛 Jan 11, 2023
University of Alberta 2023 President’s International Distinction Scholarship for Undergraduate Students
in Scholarships | for Undergraduates

🕛 Jan 12, 2023
IIASA 2023 Young Scientists Summer Programme for PhD Students Worldwide
in Fellowships | for Post Graduates

🕛 Jan 15, 2023
Apply: Qatar University 2023 Scholarships For International Students (Fully-funded)
in Scholarships | for Undergraduates

🕛 Jan 15, 2023
Chalmers University of Technology 2023 Avancez Scholarship for African Students
in Masters Programs | for Post Graduates

🕛 Jan 15, 2023
Dorothy Marchus Senesh 2023 Fellowship in Peace and Development Studies for Women from Developing Countries
in Fellowships | for Girls & Women

🕛 Jan 15, 2023
Jacobs Foundation Research Fellowship Program for PhD Students 2023
in Fellowships | for Post Graduates

🕛 Jan 15, 2023
KAUST 2022 Global Fellowship Program
in Fellowships | for Post Graduates

4 5 6 7 8 9 10 11 12 13 14 15