News

May 15, 2024

AFEX emerges 5th fastest growing company in Africa

AFEX emerges 5th fastest growing company in Africa

By Gabriel Ewepu, Abuja

The Financial Times, Tuesday, ranked AFEX, Africa’s leading commodities market player 5th fastest growing company on the 2024 Fastest Growing Companies in Africa List.

This was contained in a statement signed by the AFEX’s Analyst and Public Relations Lead, Anwulika Onwudinjo, where it was made known that the organization’s 3rd consecutive entry on the 

list, after ranking as the fastest growing company in Africa in 2023. 

“AFEX, Africa’s leading commodities market player, announced that it has secured a place in the Financial Times (FT) ranking of Africa’s Fastest-Growing Companies in 2024. 

“Coming in at Number 5 this year, this marks the organization’s 3rd consecutive entry on the 

list, after ranking as the fastest growing company in Africa in 2023. 

“The Financial Times, in partnership with Statista, recognizes Africa’s most exciting businesses 

through the Fastest Growing Companies ranking, celebrating thriving businesses with exceptional revenue growth. The list ranks African companies by their compound annual growth rate (CAGR) in revenue for 2019 and 2022. 

“In that period, AFEX grew by 287.82% in the 4-year period, despite still felt effects of COVID19, macroeconomic headwinds and market upheavals caused by 

uncertain policy environments and increasing natural disasters/ climate change effects witnessed 

in its existing markets of Nigeria, Kenya and Uganda.”

According to the statement, since 2019, AFEX has been working across Africa, creating an efficient market for commodities 

trading and solving food insecurity by driving financing from the Nigerian Capital markets and 

retail investors. 

“In 2020, the launch of their digital trading platform, ComX, lowered barriers for commodity trading and alternative investments, while providing transparent financing options for the currently fragmented agriculture value chain.

“Through innovative financial instruments ike the FETC and Asset Backed Commercia Papers which have historically performed we, AFEX is creating the infrastructure to boost agriculture used production across Africa”, it added.

Meanwhile, the President/CEO, AFEX Nigeria, Akinyinka Akintunde, said, “We are proud to once again be featured on the Fastest growing companies list for the third time in a row. This year’s entry is perhaps more significant for us considering the harsh market environment that a lot of businesses are undoubtedly contending with. 

“This is a testament to all the work we have put in over the past few

years to ensure Africa’s food self-sufficiency. Our expansion into Cote d’Ivoire this year also mirrors 

our commitment to our strategic expansion plan, Project Black Panther,which sees us replicating 

our business model in 9 African countries in the next decade to improve cross border trade on the 

continent.”

Today, AFEX has impacted the lives of over 500,000 farmers across 4 countries, whie prioritizing 

creating a positive and lasting difference in their communities. Ultimately, AFEX is empowering 

loca farming communities, fostering economic opportunities, and contributing to Africa’s 

sustainable self-sufficiency as the company prioritizes its impact goals.