BLOG

Flour Mills of Nigeria to cut capital expenditure

04 May 20152 min reading
Due to the oil price collapse and the weakening naira, Flour Mills of Nigeria is awaiting to cut capital expenditure down from 40 billion naira a year ago dustusdFlour Mills of Nigeria expects to cut capital expenditure by almost half this year, down from 40 billion naira a year ago, as the slowdown in the economy, caused by the oil price collapse and the weakening naira, hurts consumer spending. According to the news of Reuters, Chairman John Coumantaros told that Flour Mills had spent around 750 million dollar over the past 3-5 years to build capacity but would expected to spend around 19 billion naira (95.53 million dollar) this year, from cash flows and development loans. A year ago, Flour Mills had planned to invest 1 billion dollar over the next 3-5 years to fund growth and expand into West Africa. But Coumantaros said the company with a focus on food processing, agriculture and logistics, was shifting focus to driving efficiencies and cutting cost to deliver growth. “Rather than growing, investing and expanding, we now have to look inwards” Coumantaros said. Revenue for the manufacturer of pasta, flour, vegetable oil and livestock feed grew 10-15 percent over the last five years.
Articles in News Category
15 April 20165 min reading

Turkish Flour Industry came together in 12th TFIF Congress

The 12th TFIF International Congress and Exhibition on the topic of “Global Trade and Milling Techn...

09 February 20161 min reading

Olam and Invivo collaborate for feed

Olam International Limited and InVivo Animal Nutrition & Health signed an agreement to jointly ...

05 January 20181 min reading

LDC sells fertilizers business to Landmark Operations

Louis Dreyfus Company (LDC) came to an agreement with Landmark Operations, the Australian ag-retail...