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AFEX launches #CodeCashCrop to Boost Agriculture, Finance and Tech Collaboration

Proshare

Wednesday, February 28, 2018 12.00PM / Proshare WebTV 

AFEX Commodities Exchange, the only private commodity exchange in Nigeria will host a workshop on Thursday March 1st 2018 in Lagos that brings over 90 corporates and startups in the finance and technology sectors into the same space with agriculture entrepreneurs to cocreate a functional prototype for collaboration that nurtures the competitiveness of the agribusiness sector. 

In partnership with Dalberg Advisors, a global strategy and policy advisory firm, and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) - the event will act as a nursery to cultivate private sector relationships in the nascent sector and connect different private sector players. 

With several local and international delegates already confirmed to attend the event, the Country Manager of AFEX Commodity Exchange, Ayodeji Balogun, is confident that there will be productive connections made and insights gathered from the session. He says “AFEX has been a functional exchange for over four years and has created access to markets that boosted the incomes of over 40,000 farmers by up to 40% over the period. There is so much potential to do a lot more when all elements of the economic ecosystem are able to find valuable use cases in the agriculture value chain with facilitation of cross-sectoral  pollination of best practices.” 

Mr Balogun avers that “#CodeCashCrop will not only help participants get practical insights into developing for or investing in agriculture, but will also have the invaluable social impact of putting smallholder farmers, who form over 90% of the exchange’s aggregation transactions and produce over 80% of our national food supply, in the spotlight as an addressable market segment.” 

The #CodeCashCrop is scheduled for 10am at the CoCreation Hub in Yaba, Lagos. 

AFEX Commodities Exchange Limited (AFEX) enables the transition from production to transaction for agricultural commodities. AFEX is providing solutions to farmers’ challenges in aggregation, storage, financial inclusion as well as providing a ready market for both farmers and buyers to participate in, seamlessly and with trust embedded. We have reached 100, 000 farmers and aggregated over 100, 000 metric tonnes of grain since 2015. AFEX increases the bargaining power of farmers and creates access to new markets (e.g. industrial users) by operating warehouses in major trade hubs and crop production clusters in the North-West and North-Central while linking these communities to agronomic education, access to inputs & credit in addition to financial inclusion. 

We are building a lasting institution on Nigeria’s agricultural potential to achieve our vision of food security and supporting smallholder farmers to increase their earning capacity as well as provide a more efficient price discovery system.

 

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