Flour Mills of Nigeria Plc to Invest US$1 Billion Over Next Five Years
Flour Mills of Nigeria Plc announced it will be investing N200 billion (US$1 billion) over the next five years to support its plan to remain a sector leader.
Approximately ten years ago, the company acquired the 10,000 hectare Kaboji Farm in Niger State, and has since grown to become the largest maize farm in the country, cultivating maize on 4,000 hectares. The group also grows soybeans, which is uses in its vertically integrated platform, using the soybeans it produces in its feed mill operation in Ibadan and Calabar, and for processing into vegetable oil at its refinery.
The group is targeting a course of backward integration, to support the company’s manufacturing and processing activities with locally produced raw materials in place of imports, and is aggregating maize from across Nigeria to supply its 350,000 ton per year processing facilities, and is expected to be increasing its portfolio.
The group is also constructing a new sugar mill in Niger State scheduled to be completed in May 2016, to be followed by a significant expansion of sugarcane production on 10,000 hectares.