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
08 April 20141 min reading

U.S. corn export to Japan is in demand again

Preferring South America in corn import due to the negative market conditions arising from the drou...

18 February 20202 min reading

China purchases Australian and Canadian wheat as U.S. waits turn

China has purchased Australian, Canadian and French wheat as Beijing looks to fill import quotas ...