Xplore 2021 With Us - AFEX Commodities Weekly Report 241221


Wednesday, December 29, 2021 / 03:02 PM / Kainosedge Consulting for AFEX Commodities Exchange

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When we began curating highlights for the 2021 Year in Review, we were in awe of what a year we have had; one filled with huge milestones, immense growth, and definitely a lot of lessons. Thankfully, all Xperts and our many friends and collaborators showed up to get us through the toughest days and deliver on our ever-crazy vision of feeding Africa. 

In retrospect, 2021 was another record-breaking year for us at AFEX. We took several leaps into the depths of innovation, expanded our presence and service offerings into new territories, formed new partnerships, and developed both processes and technology to carry us into the future. Join us as we take a ride into the unforgettable AFEX moments of 2021.

We started the year with a "new direction"

In 2021, we doubled down on our strategy to contribute to Africa's commodities market by deploying solutions in trading, financing, and market system development. This naturally led to the unveiling of our three business entities - AFEX Fair Trade, AFEX Commodities Exchange, and AFEX Investment.

We released our 5-year impact report early on in the year; providing a big picture view of our impact over the first five years of doing business in Nigeria. It was a perfect launchpad for a year in which we managed to scale our impact substantially, while laying the structures for the next five years of our journey. 

Within the year, our operations touched 105 rural communities as we reached over 270,000 farmers and facilitated over 580,000 MT in trade volumes. Our strides in the physical markets were matched by strides in the financial markets as we announced launch of the first-ever Warehouse Receipt Backed Commercial paper in Africa among other innovations. Our commodities trading platform, ComX, hit over 30,000 users and we launched over 20 reports on the commodities market over the course of the year.

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Great partnerships and engagements

A number of important partnerships happened in 2021, starting with our partnership with the Osun State Government and the Central Bank of Nigeria to flag-off the cocoa production season in Osun State. Our goals of providing quality inputs was also strengthened with the collaboration with the African Fertilizer and Agribusiness Partnership (AFAP) to boost fertilizer production, availability, and accessibility for smallholders.

At the deal room of the 2021 Feed Nigeria Summit, we signed an MoU with the South-West Agriculture Company (SWAgCo) and the Ogun State Government for the development of five thousand hectares (5000 ha.) for the production of multi-crops in the South-West region of Nigeria. Our MoU with the Flour Milling Association of Nigeria (FMAN) on the sidelines of the Brown Revolution Initiative was also a key partnership with the potential to boost sustainable production, processing, supply, and marketing of wheat produced in Nigeria.

Knowledge sharing and looking ahead 

As industries and nations continue to contend with and recover from the impact of the pandemic, we continued sharing knowledge both online and offline, with the goal of providing data and insights that can help with decision-making on Nigeria's commodities market. We successfully launched the AFEX Commodities Market Update, a weekly program showing live on Channels Television that summarizes activities in the market and on the Exchange. We also held over 20 webinars that provided deep dives on various aspects of the commodities market. One of our favorite engagements was the panel at the AGRF 2021 summit to discuss digital financial services for agriculture. 

As we say goodbye to 2021, we extend a big thank you to all our investors, partners, stakeholders, and Xperts for another year to remember. 2021 commemorates months of resilience, teamwork, and dedication. We also say cheers ahead to an incredible 2022, and hope that you will keep watching and supporting us. We promise that it will be a ton of fun and a lot of impact.

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