NEPC, AFEX partner to diversify economy through agro-industrial exports
Africa Exchange Holdings Ltd. (AFEX) has promised to work with the Nigerian Export Promotion Council (NEPC) to improve and formalise export of agro-industrial commodities to Republic of Niger, Chad and its environs.
This will be done through its subsidiary AFEX Commodities Exchange Limited (AFEX Nigeria), a privately owned commodities exchange platform co-owned by Heirs Holdings Limited.
This was disclosed at a meeting between Ambassador Jendayi Frazer, managing partner of AFEX and Olusegun Awolowo, executive director/CEO of NEPC in Abuja.
When fully operational, the arrangement will open up new markets for Nigerian farmers and increase the income of over 100, 000 smallholder farmers especially the ones domiciled in Northern Nigeria, as well as stabilise the present food security challenges in the Sahel region.
Working with the West African Food Market (WAFM) – a DFID funded project-, AFEX hopes to efficiently employ the exchange to provide solutions to farmers’ challenges in areas such as aggregation, storage, financial inclusion and sales in order to enhance output of small and medium scale farmers.
On his part, Awolowo acknowledged the organisational capability and strong presence of AFEX in the sector and saw the evolving partnership (with NEPC) as one that would enhance economic contributions from the sector as well as douse the concerns on informal trade especially with our neighbours.
He promised that NEPC would support AFEX in harnessing relationship with Nigerien government and providing advocacy on relevant projects of the non-oil export sector.
This would add credence to AFEX’s vision to create a lasting institution that capitalises on the country’s agricultural potential to achieve regional (West Africa) food security and support small-holder farmers to increase their income earning capacity, thereby ultimately reducing the barriers to competitiveness.