In a bid to advance financial literacy and unlock new market opportunities for commodities trading, AFEX Commodities Exchange Limited (AFEX) has signed a Memorandum of Understanding (MoU) with the Association of National Accountants of Nigeria (ANAN).
This is according to a verified post by AFEX, and seen by Nairametrics.
The mutual agreement indicates a bold corporate statement by both firms to advance knowledge sharing and awareness of the commodities market in addition to strengthening their relationship to ensure a viable commodities trading ecosystem in Nigeria.
In a chat with the Communications Team Lead at AFEX Commodities Exchange, Obianuju Okafor, Nairametrics was able to gather that the strategic partnership will address the gap in financial literacy of the commodities exchange market, which will further advance the trust and credibility in the sector.
Nairametrics gathered that the partnership will afford AFEX the opportunity to draw from their wealth of experience to enrich investors and members of ANAN with qualitative information on agricultural asset risks, commodities trading, and the capital market.
What they are saying
Commenting on the recent development, the CEO of AFEX, Ayodeji Balogun said: “We are excited to collaborate with ANAN to put financial literacy and inclusion of ANAN members and the general public into action. This will nurture a sustainable commodities exchange ecosystem where investors can take advantage of the opportunities in the commodities market.
“Knowledge is an essential commodity for a thriving commodities exchange ecosystem, and we are proud to be growing our exchange network by signing the MoU with ANAN.”
What you should know
On how the partnership will promote financial inclusion, series of workshops and training sessions have been lined up for members of ANAN and the public alongside certification and membership access and capacity building to advocate for commodities market awareness.
- AFEX was founded in 2014, metamorphosing to a commodities exchange model for the West-African Market. It currently operates 45 warehouses, accounting for over 100,000MT of total national storage capacity.
- The Exchange has reached over 113,000 farmers and traded over 156,000 MT of commodities, with a total turnover of $47.6 million
Why this matters
The partnership which aims to further propagate awareness in the commodities exchange sector will help raise better informed and enlightened investors that will be able to leverage on the knowledge gained, to make sound financial decisions, all culminating in the overall development of the sector and country.