Nigerian commodities startup AFEX raises $26.5m funding from BII
- AFEX has raised $26.5 million in funding from British International Investment (BII) to support structural improvements in Africa's agricultural industry.
- The funding will be used to build 20 modern warehouses in strategic locations in Nigeria, Kenya, and Uganda, and develop a soybean processing plant and a drying facility.
- The additional warehouses will provide 230,000 MT of storage capacity, enabling more farmers to access low-cost storage and increase their incomes.
The funding received by AFEX is a significant milestone in their mission to revolutionize agriculture and improve food security in Africa. By investing in modern warehouses and critical facilities, AFEX is empowering smallholder farmers and enhancing their market access and income potential. This investment not only drives AFEX's growth but also contributes to a more secure and prosperous future for the entire continent.
