Flour Mills of Nigeria Plc, said it plans to maximise local content in the agro-allied investments, emphasising that the company is determined to ensure success in such investments.
This was disclosed by the company Chairman, John G. Coumantaros, at the commissioning of Sorghum Milling Plant recently in Kano, by the Northern Nigeria Flour Mills.
Coumantaros said: “We are determined to ensure the success of our agro-allied investments. In doing so, we maximise local content in our final products and derive good synergies. We remain committed to our policy of being involved at all stages of the food value chain from ‘Farm to Fork’.”
He said the Sorghum Mill is installed to produce 100,000 metric tonnes per annum, adding, “We believe that this marvelous state-of-the-art milling facility dedicated to produce Sorghum Flour and other related products and built at a cost of about N2billion will meet our market projected sales growth within the next couple of years.”
According to him, “Reacting to the challenging economic realities which began some years ago, Northern Nigerian Flour Mills in early 2015, temporarily suspended milling of imported Wheat. With the advantage of hindsight, it is clear that this was a perceptive decision.”
He said the management resisted the logical business decision to close the Mill like other competitors did, noting, “Instead it took a large strategic decision to realign the company’s operations and diversify operations, which include the milling of Sorghum in addition to the milling of maize, which it is still doing.”
On her part, the Minister of State, Trade and Investments, A’isha Abubakar, said the Federal Government’s intention is to always help in restructuring the nation’s economy, adding that, the new development is in line with its philosophy of industrial development.
The Governor of the Central Bank of Nigeria, Godwin Emefiele, who was represented by a Deputy Governor (Operations), Sulaiman Barau, said the development is part the government’s effort for the private sector to reshape and redirect the economy.
Kano State Governor, Abdullahi Umar Gandujef, commended the CBN’s intervention, saying it was timely and necessary.