Flour Mills of Nigeria Plc has announced an ambitious plan to invest up to $1 billion over the next four years to expand its operations across various sectors in Nigeria. The company’s Chairman, John Coumantaros, made this announcement during a recent interview, highlighting the firm’s commitment to increasing investment in the country.
Coumantaros detailed that the company plans to invest a minimum of $500 million into its sugar operations located in Niger State. This investment aims to boost production capacity from the current 100,000 tons to over 400,000 tons annually.
In addition, Flour Mills will allocate $100 million to establish a cassava-processing plant aimed at eliminating cassava starch imports, thereby enhancing local production capabilities. Coumantaros noted that in the fiscal year 2023/2024, the company spent around N1.8 trillion on raw materials, which significantly impacted profits, leading to a 91% decline.
The chairman also mentioned plans to expand the company’s breakfast cereal product line, asserting that a significant portion of the funding for these initiatives will be sourced internally. He acknowledged the scale of the investment required and emphasized the need for collaboration with industry experts to enhance growth and job creation in Nigeria.
Coumantaros stated, “The requirement for capital is going to be very large, of course, we will be backing most 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 support you and assist you, as well as bring some of that technical expertise so that we can grow more business and more jobs here in the country.”
