FMN says innovation programme has invested over N300m in 11 ventures
Flour Mills of Nigeria says it has invested more than N300 million in 11 innovators and businesses through its FMN Prize for Innovation since 2021. The initiative has supported projects involving food processing, precision agriculture, livestock, cassava and waste-to-energy, with the company reporting significant growth among beneficiaries.
Flour Mills of Nigeria says it has invested more than N300 million in 11 innovators and businesses through its FMN Prize for Innovation since the initiative began in 2021. The company said the programme provides financial, technical and strategic support to businesses working in food production and processing. It was created to support food security, local content and innovation across agricultural value chains.
The first edition focused on reducing food losses and waste. Later editions addressed domestic raw materials, precision agriculture, livestock farming and cassava production and processing. Supported innovations have included solar-powered storage, hydroponic farming, bio-recycling, food-waste electricity generation, solar dryers, cassava-residue animal feed and waste-to-biogas conversion.
The fifth edition attracted more than 2,700 entries and was won by Kiyoko Foods, whose project converts cassava into nutrient-rich cheese balls. PNeedles Limited, which makes plant-based leather from cassava peels, was the first runner-up. FMN said beneficiaries’ businesses had expanded by more than 50 per cent after receiving prize money, mentorship and other support.
The company said it would continue investing in innovation and local production to promote sustainable food systems in Nigeria and across Africa.
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