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. Like the ranking for other markets, the Africa list ranks African companies by their compound annual growth rate (CAGR) in revenue for 2019 and 2022, and in that period, AFEX has grown by 287.82% over the past 4 years, despite still felt effects of COVID-19, macroeconomic headwinds and market upheavals caused by an uncertain policy environment and natural disasters like the 2022 floods that destroyed 138,442 hectares of farmlands and displaced 1,554 farming communities across 22 local government areas in Nigeria.

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 like the FETC and Asset Backed Commercial Papers which have historically performed well, AFEX is creating the infrastructure to boost agriculture production across Africa.

Akinyinka Akintunde, President/CEO, AFEX Nigeria 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, while prioritizing creating a positive and lasting difference in their communities. Ultimately, AFEX is empowering local farming communities, fostering economic opportunities, and contributing to Africa's sustainable self-sufficiency as the company prioritizes its impact goals.