Business

AFEX launches impact report, indicates increased focus on climate interventions

A leading pan-African commodities player, AFEX, has released its second impact report, covering its activities over the past five years.

The company, which launched operations in 2014, has worked with over 500,000 farmers and executed over 1,000,000 MT in trades since its inception.

Following the publication of its first impact report in 2021, AFEX has doubled down on driving impact through its work in Africa’s commodities markets, positively contributing to SDGs 1, 2, 5, 8, 12, and 13.

The new report features an updated version of the AFEX theory of change, which was released for the first time in 2021 when the first report was published.

The company’s work in climate action, SDG 13, has also been captured and included within the context of the ToC and the fuller report.

Climate change effects have become increasingly relevant in Africa, with farmers facing record impacts on their activities.

Floods, increased droughts, and fewer rainfalls have threatened farmer productivity, resulting in food insecurity.

AFEX is contributing to enabling sustainable, climate-resilient agriculture for farmers in Africa, which helps increase Africa’s food security while achieving self-sufficiency for the continent.

According to the report, “rural poverty in Nigeria is more widespread in 2023 compared to baseline measurements in 2020.”Over 80% of Nigerian farmers still exist around and below the poverty line, compared to 43% of Kenyan farmers existing around and below the poverty line.

AFEX, which has operations across these two countries, highlighted its efforts to secure livelihoods, including providing farmers with certified seeds and quality fertiliser, as well as extension and storage services through strategically distributed warehouses.

According to Ayodeji Balogun, Group CEO, AFEX, “Our impact goals are essential as we grow our business and expand, as it ensures that we are able to build a commodities market that is as inclusive as it is efficient.

“We look to create a positive difference in the places that we operate, empowering farming communities, fostering economic opportunity, and helping Africa sustainably provide for itself.”

Akinyinka Akintunde, President, AFEX Nigeria, also indicated that “this report marks a significant milestone for AFEX. It serves as a roadmap that guides us towards a more sustainable and responsible future by building an efficient marketplace for commodities in Africa.

“We will continue to build a food system for the future and create shared prosperity, ensuring that no one is left behind in the journey to transform the agricultural ecosystem.”

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