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AFEX Commodities Trade Ltd., Nigeria’s first non-public licensed commodities bourse, is planning to increase its operations to seven extra African markets.
The corporate intends to open places of work in Ivory Coast this yr and Ghana in 2024, adopted by enlargement into Benin, Togo, Tanzania, Ethiopia, and Zambia, its CEO, Ayodeji Balogun instructed Reuters information company.
AFEX, which was based in 2014, at present trades in 9 commodities in Nigeria, Kenya, and Uganda, together with corn, wheat, sorghum, and cocoa.
The present world turmoil brought on by Russia’s invasion of Ukraine has dealt a critical blow to important meals commodity shipments to Africa, exacerbating current commerce challenges.
To assist its enlargement plans, AFEX goals to lift 30 billion naira ($65 million) in debt this yr. The funds will likely be used to spice up storage capability to 1 million tons by 2025, get hold of extra commodities trade licenses, and introduce gold and derivatives to its buying and selling portfolio, Balogun stated.
AFEX anticipates that the African Continental Free Commerce Space, which goals to eradicate commerce boundaries throughout the continent, will unlock important worth for its spot and trade traded contracts, fastened revenue merchandise, and derivatives.
Balogun, believes that increasing intra-Africa commerce will bolster nationwide productiveness and meals safety for nations concerned. Presently, AFEX handles every day transactions price roughly 2 billion naira ($4.3m).
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