African Exchange Holdings (AFEX), a pan-African holding company has signed a Memorandum of Understanding (MoU) with Nigeria’s Federal Ministry of Agriculture to create a pioneering warehouse receipt system.

CEOAFRICA news desk gathered that the warehouse receipt system is aim at enabling Nigerian farmers and cooperatives safely stored their produce at accredited warehouses.

Akinwunmi Adesina, Minister of Agriculture, who stated that strengthening agricultural markets is critical to diversifying Nigeria’s economy, revealed that the partnership with AFEX will help to improve accessible markets for farmers, reduce post-harvest losses, stabilize prices and raise their incomes.

He declared the administration is rapidly modernizing agriculture in Nigeria, stressing that the development of warehouse receipt systems will buttress the successful establishment of thriving agricultural commodities exchanges in Nigeria.

Elumelu, the Chairman of AFEX Holdings, expressed his excitement at the partnership with the Nigerian government on this project, noting that the ultimate aim is to deliver transformative, sustainable investment to the country’s agribusiness sector.

Elumelu further stressed that it is a step towards empowering more farmers financially and ensuring that agriculture is not only commercially viable, but a strong positive contributor to the Nigerian economy.

He however commended the transformation of Nigeria’s agriculture sector as driven by Adesina which have informed the partnership, pledging their willingness to support the federal government in its innovative approach.