Flour Mills of Nigeria is on the agenda with its investments
09 October 20142 min reading
Flour Mills of Nigeria prepares to make investment on the production and processing of local rice with the participation of the farmers and other shareholders in supply chain.
In line with its vision of becoming a market leader in its businesses, Flour Mills of Nigeria Plc (FMN) announced that it will soon begin optimum production of locally grown rice in the country. According to the news from Nigerian Tribune; the Group Managing Director (GMD) of the company, Paul Gbededo making the announcement stated that the company will achieve this through aggregation by involving local farmers and other stakeholders in the supply chain.
In his announcement saying, “Nigeria consumes about 4 million metric tons of rice and we need about 1 million acres of land to achieve that. We want to start aggregating by involving others in the supply chain. So, very soon, you will start seeing us.” Gbededo informed that the company began the rice business in 2009 by importing par-boiled rice into the country. Besides; reminding that they established a rice mill for processing brown rice to par-boiled rice, Gbededo added that they have improved the capacity usage.
Stating that the tariff on importation of rice affected its production as imported rice was cheaper than what they produced locally; Mr. Gbededo added that the increase in importation tariff would also enhance its profit margin in that regard.
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