• About
  • Advertise
  • Careers
  • Contact Us
Thursday, June 19, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Mobility
    • Environment
    • Travel
    • StartUPs
  • Economy
  • TECHECONOMY TV
  • TBS
  • About Us
  • Contact Us
  • Telecoms
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Mobility
    • Environment
    • Travel
    • StartUPs
  • Economy
  • TECHECONOMY TV
  • TBS
  • About Us
  • Contact Us
  • Telecoms
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home News

BII Commits $26.5m to AFEX to Address Food Security in Nigeria, Kenya and Uganda

by Peter Oluka
November 1, 2023
in News
6
BII invests in AFEX
L-r: Chris Chijiutomi, Managing Director and Head of Africa BII , Nick O’Donohoe; Chief Executive Officer - British International Investment, Ayodeji Balogun; Chief Executive Officer - AFEX, Benson Adenuga; Head of Office and Coverage Director, Nigeria and Mobolaji Adeoye; Chairman AFEX

L-r: Chris Chijiutomi, Managing Director and Head of Africa BII , Nick O’Donohoe; Chief Executive Officer - British International Investment, Ayodeji Balogun; Chief Executive Officer - AFEX, Benson Adenuga; Head of Office and Coverage Director, Nigeria and Mobolaji Adeoye; Chairman AFEX

UBA
Advertisements
  • Partnership will enhance agricultural productivity and improve food security

  • Multiplies storage capacity, develops processing capacity and creates jobs

  • 20 new AFEX warehouses will improve access to markets, facilitate trade and contribute to a potential increase of over 200 per cent in farmer income.

British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, today announced a US$26.5 million commitment to AFEX, Africa’s leading commodities platform, which currently operates over 200 warehouses in Nigeria, Kenya, and Uganda and serves over 450,000 farmers.

The investment will support structural improvements in Africa’s agricultural industry, which will significantly benefit smallholder farmers and lead to improvements in food security.

The signing of BII and AFEX’s new partnership took place today. It was attended by British Deputy High Commissioner in Lagos Jonny Baxter, BII Chief Executive Officer Nick O’Donohoe, and AFEX Group CEO Ayodeji Balogun.

BII’s investment will be used to build 20 modern warehouses in strategic locations in Nigeria, Kenya, and Uganda. Its capital will also scale warehouse technology and next-generation software that captures post-harvest pricing. Smart storage solutions have the potential to preserve the lifespan of harvested crops, and so increasing the volume of food available.

The additional warehouses will provide 230,000 MT of storage capacity, enabling up to 200,000 more farmers to access low-cost storage and maximise sales from crop harvests, potentially helping increase farmer incomes by more than 200 per cent. 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.

Agriculture in Nigeria, Kenya and Uganda accounts for a quarter of GDP and employs 70 per cent of their populations – 80 per cent of whom are smallholder and subsistence farmers.

Farm Central Intelligence Wins AFEX Code Cash Crop 4.0 Ag-hackathon

Currently, farmers face a difficult financial outlook due to macroeconomic uncertainty, limited market access, and poor reliability of sales from crop harvests.

Yields have fallen, and farmers’ incomes are increasingly affected by price hikes of agricultural inputs and extreme weather events.

BII’s capital will also be used to develop a soybean processing plant in Ibadan, the third-largest city by population in Nigeria, and a drying facility in Uganda. The construction of the storage facilities and soy processing facilities will generate over 700 temporary jobs and more than 80 permanent roles.

BII invests in AFEX
Advertisements
MTN ADS
L-r: British Deputy High Commissioner in Lagos, Jonny Baxter, Chris Chijiutomi, Managing Director and Head of Africa BII , Nick O’Donohoe; Chief Executive Officer – British International Investment, Ayodeji Balogun; Chief Executive Officer – AFEX, Benson Adenuga; Head of Office and Coverage Director, Nigeria and Mobolaji Adeoye; Chairman AFEX

Commenting on the transaction, BII Chief Executive Officer, Nick O’Donohoe said,

“The World Bank estimates that Africa’s food import bill has reached c.US$30 billion in recent decades. This is why we need to back technology-driven companies like AFEX because they help reduce that import cost by supporting smallholder farmers to increase local food production, while also boosting their incomes.”

Speaking about the raise, AFEX Group CEO, Ayodeji Balogun said, 

“This investment from British International Investment is a landmark moment in our mission to revolutionise agriculture and elevate food security across Africa. By directing fresh capital towards the development of technologically advanced warehouses and critical facilities, we are significantly enhancing market access and income potential for smallholder farmers. In alignment with UN SDGs, our mission is to enable Africa to feed itself efficiently and sustainably. Today’s investment doesn’t just propel AFEX’s growth, it forges a more secure and prosperous future for an entire continent.”

British Deputy High Commissioner in Lagos, Jonny Baxter said:

“I am proud of British International Investment’s support which will enhance agricultural productivity and bolster food security in Nigeria. The agricultural sector stands as a vital pillar to Nigeria’s economy, playing a significant role in job creation and investment potential.  The UK provided early-stage funding to AFEX, and I am delighted to see the company grow with such success. We look forward to continuing to support Nigeria’s agriculture sector and the opportunities this provides for its economic growth.”

This BII investment will contribute to the United Nations sustainable development goal on Zero Hunger (SDG2), Decent Work and Economic Growth (SDG8) and Responsible Consumption and Production (SDG12).

Loading

Author

  • Peter Oluka
    Peter Oluka

    Peter Oluka (@peterolukai), editor of Techeconomy, is a multi-award winner practicing Journalist. Peter’s media practice cuts across Media Relations | Marketing| Advertising, other Communications interests. Contact: peter.oluka@techeconomy.ng

    View all posts
0Shares
Tags: AFEXBIIBII ans AFEX
Peter Oluka

Peter Oluka

Peter Oluka (@peterolukai), editor of Techeconomy, is a multi-award winner practicing Journalist. Peter’s media practice cuts across Media Relations | Marketing| Advertising, other Communications interests. Contact: peter.oluka@techeconomy.ng

Next Post
Steve Waidelich, Head of Growth, Founders Factory Africa. Image credit: Chris Miles Productions

Soft Skills Necessary for the Success of Startups

Comments 6

  1. Pingback: ‍TechCabal Daily – MFS Africa rebrands to Onafriq – inews
  2. Pingback: ‍TechCabal Daily - MFS Africa rebrands to Onafriq | TechCabal
  3. Pingback: BII Commits $26.5m to AFEX to Address Food Security in Nigeria, Kenya and Uganda - Black Cowrie Finance
  4. Pingback: 👨🏿‍🚀TechCabal Daily - MFS Africa rebrands to Onafriq - TechCabal - The South African.net
  5. Pingback: AFEX Forecasts Higher Prices for Commodities in the 2023/2024 Season - Tech | Business | Economy
  6. Pingback: BII Supports Nigeria’s Agric Sector with $15m Commitment to Valency - Tech | Business | Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

University degree saga

The University Degree Saga: Changing the Nigeria Academic Narrative

1 year ago
Great Customer Experience is a Matter of Survival - Hyther Nizam - Zoho

During High Inflation, Great Customer Experience isn’t just a Competitive Differentiator – It’s a Matter of Survival 

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Mobility
      • Environment
      • Travel
      • StartUPs
    • Economy
    • TECHECONOMY TV
    • TBS
    • About Us
    • Contact Us

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.