2020 AFEX Milestones: Impact, Wins and Other Stories

by Abimbola Otepola, Corporate Communications Analyst AFEX

Can you remember a year more life-changing than 2020?

The year was nothing short of a continuous flurry of world-shifting events in all sectors from politics, to education, to health, and agriculture.

Oil prices plunged, millions of dollars were lost in businesses, trades marched to a halt, lives were lost, and there was a slow global economic growth. In the agriculture landscape, the COVID-19 pandemic disrupted supply chains and the economic recession witnessed in the last quarter of the year also affected the growth in the sector.

While it’s easy to look back on 2020 and remember the challenges we encountered, reflecting on the good things that happened is also important. At AFEX, we had a pretty significant year, accomplishing several important goals both for ourselves and the commodities ecosystem in Nigeria at large.

We’ve rounded up some of the year’s most significant milestones for our 2020 at AFEX. Stick with us as we look at our 2020 year-in-review.

ComX Launch

The ComX app has now grown to over 10,000 registered users; affording investors a great experience to learn about alternative investment opportunities, trade at an affordable entry price point and diversify their investment portfolios. With over 10 listed commodity-backed instruments, users have access to hedge against inflation and deliver impact through their activities in the market.

FMDQ MoU Signing

Dubai Gold and Commodities Exchange MoU Signing

2020 Input Financing Program

The program is an initiative that unlocks financing from retail and institutional sources for the production activities of smallholder farmers. Created to align with the United Nation’s Sustainable Development Goals (SDGs) 1, 8 and 12; no poverty, zero hunger and economic growth, the program has scaled due to AFEX’s proprietary advanced technology, expanded outreach and warehouse infrastructure, and product innovation.

Ringing the Bell for Financial Literacy

AGRF 2020 Panel Session

AFEX Special Reports

Apps Africa Award

This award celebrates the innovation and technological prowess shaping our ecosystems and was a nod to the potential of ComX to orchestrate a massive step forward in the commodities market in Nigeria by attracting significant investment to the sector and introducing innovations that will create a new world of financial products, market education, operational risks, and wealth opportunities for everyone.

Cocoa Nation!

FETC Launch

The Fair Trade ETC was an investment product containing soybean, maize, and sorghum, in one contract. It enables investors to enjoy a return on investment with lower risks because the Fair Trade ETC delivers the average market performance of the underlying commodities, lowering the risk an investor is exposed to when they invest in individual commodity contracts.

As we launch into the new year, we are excited to be at the forefront of unlocking financing for agriculture, de-risking the sector, and ensuring a transparent, viable commodities exchange ecosystem. We have bigger goals in 2021 and we hope you’ll come along with us.

Happy New Year!

AFEX’s infrastructure and platforms drive capital to build a trust economy in Africa’s commodity markets.

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