Nigeria-based commodities platform AFEX has raised US$26.5 million in funding from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. Operating through three business units, AFEX addresses the challenges faced by smallholder farmers, providing better access to inputs, credit facilities, micro-insurance, storage services, training, and markets. It has now banked US$26.5 million in funding from BII, which will support structural improvements in Africa’s agricultural industry, significantly benefitting smallholder farmers and leading to improvements in food security. Supporting smallholder farmers to achieve a fair wage is vital to ensure they remain in operation, producing more and higher quality crops for local consumption. The construction of the storage facilities and soy processing facilities will generate over 700 temporary jobs and more than 80 permanent roles.

Source: The North Africa Journal November 02, 2023 18:05 UTC