The Flour Mills of Nigeria Plc has announced plans to invest up to $1 billion over the next four years to expand its operations.
The Chairman, John Coumantaros, said the move reflects a commitment to increasing investment in Nigeria.
The company plans to invest a minimum of $500 million into its sugar operations in Niger State, with the goal of increasing production from the current 100,000 tons to over 400,000 tons annually, according to Coumantaros.
It will allocate $100 million to establish a cassava-processing plant aimed at eliminating cassava starch imports.
In the full year of 2023/2024, Flour Mills spent around N1.8 trillion on raw materials resulting in its profit declining by 91 per cent.
Coumantaros also spoke on plans to expand their breakfast cereal product line.
Most of the funding, according to the company, will be internally sourced.
Coumantaros said: “The requirement for capital is going to be very large. And of course we will be backing the majority of that, but when you grow, you can’t do everything yourself. You need to invite those experts of the best in the field to really support you and assist you and bring some of that technical expertise so we can grow more business, more jobs here in the country.”
The company also plans to restructure its over 22 business units into five separate companies, according to the Chairman.
“We aim to attract both technical and financial partners to support the growth of our sugar operations and food business. We have ambitious plans for investment and expansion.”
