Coumantaros: Flour Mills of Nigeria plans $1bn investment in Nigeria

Flour Mills of Nigeria, a leading player in the Nigerian agro-allied industry, has unveiled plans to inject a whopping $1 billion into its production facility in Nigeria. The Chairman of Flour Mills of Nigeria, John Coumantaros, discussed the company's strategy and vision for the future in a recent interview with CNBC Africa. According to Coumantaros, the ambitious investment plan is aimed at enhancing the company's operational standards, attracting capital, and securing technical expertise essential for the growth of its diverse business segments. As part of its expansion efforts, Flour Mills of Nigeria is set to focus on ramping up production and cultivation, particularly in the sugar segment. With a goal of achieving 500,000 tons of locally produced sugar over the next five years, the company is poised to invest around $500 million in this endeavor. This massive investment underscores Flour Mills of Nigeria's commitment to bolstering its presence in the Nigerian market and positioning itself as a key player in the agro-allied sector. Moreover, the company aims to fortify its fast-moving consumer foods business by enhancing distribution networks and leveraging data-driven strategies to meet consumer demands effectively. Coumantaros emphasized the importance of consolidating business operations, fostering growth, and optimizing resources to propel each business segment towards success. By streamlining operations, attracting capital, and promoting technical innovation, Flour Mills of Nigeria aims to chart a path towards sustainable growth and expansion, not only in Nigeria but across the wider Pan-African region. One of the key highlights of Flour Mills of Nigeria's growth strategy is its unwavering focus on innovation and product diversification. The company is set to introduce a new cereal product into the market, adding to its portfolio of consumer goods that grace kitchen tables across the nation. By developing products sourced from local raw materials, Flour Mills of Nigeria is on a mission to reduce import dependency, promote local agriculture, and offer consumers an array of high-quality, locally produced goods. In his interview, Coumantaros underscored the significance of a robust supply chain in ensuring business resilience and continuity, particularly in the face of external disruptions like the COVID-19 pandemic and geopolitical challenges. By investing in agricultural research, developing high-yielding crop varieties, and supporting local farmers with advanced agronomic practices, Flour Mills of Nigeria is laying the groundwork for a sustainable supply chain that can meet the demands of its growing business segments. Coumantaros's vision for Flour Mills of Nigeria extends beyond mere profitability; he envisions a company that is deeply rooted in sustainable practices, community development, and technological innovation as it charts a course for the next phase of growth and expansion. With a legacy of 64 years in Nigeria and a commitment to another century of operation, Flour Mills of Nigeria is poised to be a pioneering force in the agro-allied industry, driving economic growth, job creation, and industry innovation in the region.