In a bold move to drive innovation and sustainability in Nigeria’s agricultural sector, the Flour Mills of Nigeria (FMN) has announced the commencement of the fourth edition of its FMN Prize for Innovation (PFI).
This year’s edition, themed “Innovative Practices in Livestock Farming in Nigeria,” seeks to address critical challenges in the livestock value chain while fostering economic growth and food security.
The call for entries opened on January 24, 2025, and will close on February 28, 2025, following a two-week extension.
The initiative, which debuted in 2021, has consistently supported innovative businesses and SMEs in the agro-allied sector, with past winners achieving over 50% business scale-up.
FMN’s commitment to empowering entrepreneurs and young innovators has reinforced its role as a pioneer in building resilient food systems in Nigeria.
This year, the competition will focus on overcoming obstacles such as disease outbreaks, poor farming practices, and limited access to modern technologies in livestock farming.
Speaking on the initiative, Mr. Boye Olusanya, Group Managing Director and CEO of FMN, emphasized the company’s dedication to Nigeria’s food security agenda.
“Since its inception in 2021, the FMN Prize for Innovation has nurtured and financially supported about eight businesses, achieving over 50% scale-up due to the invaluable resources provided by FMN.
“Our consistent investments demonstrate our commitment to local content development and reducing the nation’s dependency on imported raw materials,” he said.
Additionally, Mr. Sadiq Usman, Group Director of Strategy and Stakeholder Relations at FMN, highlighted the sustainability of the initiative.
His words, “The PFI is driven by a growth-oriented process that ensures winners receive not only financial support but also mentorship and insights to effectively scale their businesses.
“Associating with the FMN brand provides credibility, attracting investors—a benefit past winners have testified to,” he explained.
The competition is divided into two categories: one for Nigerian SMEs with scalable innovations in livestock farming and another for students with bold, forward-thinking ideas.
Winners will be selected by a panel of distinguished judges from the agriculture and investment sectors.
In the SME category, the top prize is N5 million, with N3 million and N2 million for the first and second runners-up, respectively.
For students, the winner will receive N300,000, while the first and second runners-up will get N200,000 and N100,000, respectively.
Winners will also benefit from a one-year mentorship program and industry exposure to further scale their projects.
Interested applicants can visit www.fmnplc.com/prizeforinnovation or follow FMN’s social media platforms for more details.
