Flour Mills of Nigeria (FMN) has invested over N300m in 11 innovators and businesses through its FMN Prize for Innovation initiative. This investment aims to accelerate sustainable food systems in Nigeria and across Africa. The initiative, launched in 2021, provides financial, technical, and strategic support to innovators developing solutions for food production and processing.
The FMN Prize for Innovation was established as part of the company's long-term strategy to strengthen food security through product and process innovation, local content development, and investments across critical agricultural value chains. FMN operates across various sectors, including grains, sugar, cassava starch, feeds and protein, edible oil and fats, with over 17 facilities across Nigeria.
The initiative has supported innovative businesses in the food and agro-allied sector, helping to build sustainable food systems. The first edition, launched in December 2021, focused on reducing losses and waste in food production and improving agricultural value chains. Winners included Urban Akwu Agro-allied Limited and Eupepsia Place Limited, which specializes in soilless farming through hydroponics.
Subsequent editions of the FMN Prize for Innovation have focused on local content development, precision agriculture, and food self-sufficiency, as well as innovative livestock farming practices. Notable winners include Osomobegbe Global Ventures Limited, which developed solar dryers, and Levitate Aquaria & Breeder Farms, which won the top prize in the fourth edition.
The fifth edition of the FMN Prize for Innovation focused on cassava production and processing, attracting over 2,700 entries. Kiyoko Foods Limited, founded by Victoria Ogwanighie, emerged as the winner with its innovation for converting cassava into nutrient-rich cheese balls. This edition also marked the emergence of the first female winner in the prize's five-year history.
The beneficiaries of the FMN Prize for Innovation have recorded significant business growth following the prize money, mentorship, and other strategic support. According to FMN, all beneficiaries' businesses have experienced remarkable growth, with their operations expanding by over 50 per cent since receiving the prize money and resources from FMN.
FMN plans to continue using innovation, local content development, and strategic investment to support food self-sufficiency and sustainable food systems in Nigeria, with the long-term goal of extending the impact across Africa. The company's chairman, John Coumantaros, and the special guest of honour doubled the prize money for the top three finalists to N10m, N6m, and N4m, respectively.
Key points
- FMN's investment in food innovators aims to accelerate sustainable food systems in Nigeria and Africa.
- The FMN Prize for Innovation has supported 11 innovators and businesses with over N300m in investment.
- The initiative has contributed to significant business growth for beneficiaries, with operations expanding by over 50 per cent.
