We believe that these actions will ultimately be beneficial for the company, providing a true measure of the actual exchange rate between the 2 currencies, and ultimately helping to accelerate the dollarization of the business. The Tingo Foods business was also adversely affected by the economic disruption in Nigeria that ensued around the time of the change in presidential administration, which resulted in several customers delaying orders. Tingo Foods is set to multiply capacity in revenue with a new state-of-the-art $1.6 billion food processing facility in the Delta State of Nigeria. Our joint venture construction partner has confirmed that the project is on track to enable Tingo Foods to commence processing operations on-site in 2024. We believe Africa’s farmers and agricultural sector will benefit from the significant expansion of the continent’s own processing capabilities, increasing crop demand, reducing post-harvest losses, ensuring fair selling prices for farmers, and delivering financial upliftment.
In December 2022, we launched Tingo DMCC, which is an agricultural commodity platform and export business, in partnership with the Dubai Multi Commodity Center, DMCC. As part of the Tingo ecosystem, Tingo DMCC is already becoming a significant source of offtake of raw crops from Tingo Mobile’s farmers, and is also expected to be a major customer for Tingo Foods in the future as it looks to export their finished food and beverage products. Having spent several months working with AFAN and their farmers on the aggregation of both volumes of produce, we completed our first export trades on May 30, 2023, and delivered $668 million of export revenue in the 5 months to September 30, 2023. Through the farmers of Nigeria, which are estimated to total around 60 million and with the addition of Ghana, Malawi and now Pakistan as well as certain other territories in the future, we have access to several billion dollars per annum of agricultural produce for our export business.
Furthermore, our exclusive partnership with PCX and AFAN, which strengthens our supply chain and good handling capabilities and gives us priority access to the PCX commodity trading platform, is already proving to be valuable as we develop the business and build a strong foundation. The Tingo DMCC export business is expected to dollarize and globalize Tingo Group, while at the same time providing Tingo Mobile’s farmers and Tingo Foods direct access to international markets. On April 26, was announced that Tingo Mobile had partnered with PCX and AFAN for the exclusive use of AFAN’s existing network of 2,322 warehouses across Nigeria for a minimum term of 30 years. We believe this strategic partnership uniquely positions Tingo to monetize Nigeria’s crop ecosystem across its population of 213 million and the global export market.
Under the terms of the agreement, Tingo Mobile has the right of first refusal to purchase or trade any of the produce stored in the AFAN’s warehouses, which it intends to use primarily to serve the Tingo Foods food processing business and the Tingo DMCC commodity trading and export business. PCX has installed its leading-edge e-Warehouse Receipt System in all of the partnership’s warehouses, enabling crops and other produce to be commoditized and traded by Tingo from the date of delivery. Tingo Mobile is also to be granted a priority position on the PCX commodity training platform, enabling Tingo DMCC to trade farming produce and other commodities on the spot, futures, physical and on a derivative basis. AFAN, the umbrella body for Nigeria’s farming sector, has committed to coordinate all agricultural cooperatives and members to utilize the partnership’s warehouses to handle their produce.
In addition, the partnership has committed to a targeted increase in the number of warehouses to 80,000 in the next 2 years. Tingo Mobile also has the right to sublet the warehouse space to pre-approved third-parties, such as e-commerce businesses and wholesale businesses. As mentioned previously, this partnership with AFAN and PCX is expected to considerably increase our offtake of crops and other produce from farmers, which we believe will help to satisfy the substantial future input requirements of our food processing and commodity trading and export business. Importantly, the agreement also further augments our seed-to-sale model, helping us to achieve our objectives of reducing post-harvest losses and crop wastage, while also increasing food production levels and meaningfully improving food security.
For those of you joining us for the first time, TingoPay, the full version of which was launched on Android and iOS in September of this year, is a super app that offers a range of value-added services in partnership with Visa. Such services include a digital Visa card, e-Wallet payment services, marketplace e-commerce, insurance and finance as a full market B2C and B2B offering. The TingoPay super app and Visa partnership is helping us to diversify and expand Tingo Group into new sectors, with the aim of making TingoPay and Tingo household names as widely recognized as Visa itself. To assist us in achieving market penetration, our Pan-Africa partnership with Visa includes their provision of marketing and customer acquisition support. SMEs in all business sectors will benefit from our new range of Tingo Visa merchant services and the TingoPay business portal, and our small holder farmer customers will see significant additional advantages through the integration of TingoPay with our Nwassa agri marketplace platform.
