AFEX Commodities Exchange (AFEX), the first private agricultural commodity exchange in Nigeria, plans to open in seven new African countries. To do this, it plans to raise 65 million dollars to finance its expansion plan.

The expansion plan of AFEX Commodities Exchange (AFEX) includes increasing the capacity of its warehouses and adding new products to its portfolio. On Tuesday, May 23, Bloomberg announced that AFEX plans to expand into seven new African countries to take advantage of the growth in intra-African trade resulting from the entry into force of the Continental Free Trade Area (Zlecaf). The CEO of the exchange, Ayodeji Balogun announced that “AFEX Commodities Exchange will extend its operations to Côte d'Ivoire this year and to Ghana in 2024, before settling in Benin, Togo, Tanzania, Ethiopia and Zambia.”