Flour mills
By Akeem Atoyebi
Flour Mills of Nigeria Plc has disclosed its intentions to invest $1 billion in Nigeria over the next four years to expand its operations.
The chairman of Flour Mills, John Coumantaros, made this known during a recent interview, stressing that the move reflects a commitment to increasing investment in Nigeria.
Coumantaros said “Flour Mills of Nigeria 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.
“Additionally, the company 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.”
He also stressed plans to expand their breakfast cereal product line, saying that most of the funding will be internally sourced.
According to the chairman of the company, 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 cannot 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.”
