AFEX, Africa’s major commodities market participant, has topped the Financial Times (FT) list of Africa’s Fastest-Growing Companies in 2023.
Since making the initial list last year, AFEX has more than doubled its income and expanded into East Africa, financing over 450,000 farmers and trading 526,850 metric tonnes of commodities in Nigeria, Kenya, and Uganda. Last year, AFEX was placed third on the FT Africa list overall, as well as the fastest-growing in Nigeria and first in Africa’s Agriculture & Commodities sector.
The Africa Fastest Growing enterprises list compiled by the Financial Times includes creative, modern, and fast-growing enterprises that are the driving force of the global economy in the twenty-first century. The Financial Times works with Statista, a data analysis firm, to create similar rankings for corporations in Europe, Asia, and America. AFEX’s presence on this renowned list attests to its success and remarkable performance. The Africa list, like the other market rankings, rates African companies based on their compound annual growth rate (CAGR) in sales between 2018 and 2021. Over the last three years, AFEX has grown by 505.3%, making it Africa’s fastest-growing firm in 2023.
AFEX, which currently operates over 200 warehouses in Nigeria, Kenya, and Uganda and serves over 450,000 farmers, wants to grow to 9 African countries over the next ten years in order to develop regional marketplaces that balance demand and supply through intra-Africa commerce. Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia are among the markets being evaluated for expansion. AFEX intends to solve the low regional trade level, which now stands at 14.4%, compared to 59%, 69%, and 30.4% in Asia, Europe, and North America, respectively, by strategic expansions. AFEX hopes to increase regional trade volume and capability to fulfill the demands of Africa’s growing population by promoting cross-border commerce in Africa. AFEX will continue to leverage its infrastructure deployment approach, as well as access to funding and markets for the commodities industry in Africa, to assist advance the continent’s food security.
“Being recognized as the fastest growing African company soon after our expansion into Kenya and Uganda is a fantastic boost as we continue to solidify our team and impact farmers in the East African market,” said Tabitha Njuguna, MD of AFEX Fair Trade Limited Kenya. AFEX Fair Trade Limited seeks to impact 100,000 Kenyan farmers and 20,000 Ugandan farmers by 2025, while driving over 200,000 metric tonnes of commodities sold to enhance East Africa’s food security and promote a fair exchange of value among agricultural value chain actors.”
AFEX Fair Trade Limited has committed to leveling up Africa’s agro-tech industry in the East African market since its start in Kenya in 2022. It currently operates 21 warehouses in Kenya and Uganda, with a total capacity of approximately 22,000 MT. AFEX Fair Trade Limited was licensed as Kenya’s first Private Warehouse Receipt Operator in February and has since supported over 10,000 farmers in East Africa.