Financial Times ranks AFEX as Africa’s Fastest-Growing Company

AFEX, Africa’s commodities market player, has secured first place in the Financial Times (FT) ranking of Africa’s Fastest-Growing companies in 2023.

According to the company, it has doubled in revenue and expanded operations into East Africa, having financed over 450,000 farmers and traded 526,850 metric tonnes of commodities in Nigeria, Kenya, and Uganda since it first appeared on the inaugural list last year.

Ayodeji Balogun, group CEO at AFEX, said, “We’re proud to enter FT Africa’s fastest-growing list for the second time and now ranking as the first fastest-growing in Africa. This is a testament to the hard work and perseverance of everyone at AFEX. We’re proud of the progress we’ve made so far and will continue to help farmers access markets directly. We also know that efficient warehousing is crucial for efficient food security, and technology will play a vital role in developing the agriculture industry in Africa.”

He said the company’s position enables it to contribute to Africa’s food security while promoting sustainable development for future generations. “By 2025, we aim to impact 1 million food producers while driving 1 million MT in trade volumes. We’re incredibly proud to be building such a global business.”

Similarly, Tabitha Njuguna, MD AFEX Fair Trade Limited Kenya, said being recognised as the fastest growing African company soon after the firm’s expansion into Kenya and Uganda is a fantastic boost as AFEX continues to solidify the team and impact farmers in the East African market.

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“AFEX Fair Trade Limited aims to impact 100,000 farmers in Kenya and 20,000 farmers in Uganda, whilst driving over 200,000 metric tonnes of commodities traded by 2025 to support East Africa’s food security and promote a fair exchange of value among players in the agricultural value chain.”

Last year, AFEX ranked third on the overall FT Africa list while emerging as the fastest-growing in Nigeria and first in Africa’s Agriculture & Commodities category.

The FT’s Africa Fastest Growing Companies list comprises innovative, modern, and fast-growing companies that are the driving force of the international economy in the 21st century. The FT collaborates with Statista, a data research company, to produce similar rankings for companies in Europe, Asia, and America.

The list ranks African companies by their compound annual growth rate (CAGR) in revenue between 2018 and 2021 and AFEX said it has grown by 25505.63 percent over the past 3 years.

Meanwhile, AFEX said it plans to expand to 9 African countries within the next 10 years to create regional markets that balance demand and supply through intra-Africa trade. Markets considered for expansion include Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia. Through its strategic expansions, AFEX said it aims to address the low regional trade level, which currently stands at 14.4 percent compared to 59 percent, 69 percent, and 30.4 percent in Asia, Europe, and North America, respectively.