British International Investment (BII), a UK development finance institution, is committing $26.5 million to Nigerian commodities startup AFEX. AFEX operates a vast network of over two hundred warehouses in Nigeria, Kenya, and Uganda, serving more than four hundred fifty thousand farmers. This strategic partnership aims to revolutionize Africa's agricultural sector, with a primary focus on improving the livelihoods of smallholder farmers and enhancing food security. BII's financial infusion will fund the establishment of twenty state-of-the-art warehouses in Nigeria, Kenya, and Uganda, along with advanced technology for post-harvest pricing data. These innovations have the potential to extend the shelf life of crops, increase storage capacity by 230,000 metric tons, and boost farmer incomes by over 200 percent.
Agriculture is a cornerstone of the economies in these African nations, employing a significant portion of their populations. BII's capital will also support the construction of soybean processing and drying facilities, creating job opportunities in Nigeria and Uganda. This investment underscores the urgency of empowering smallholder farmers to enhance local food production and reduce import costs, aligning with UN Sustainable Development Goals. AFEX's mission to improve market access and income potential for smallholder farmers in Africa receives a significant boost from BII's support, promoting food security and economic growth in the region.