Flour Mills moves to support innovative solutions in livestock farming

Flour Mills of Nigeria (FMN) aims to support innovative solutions that can overcome impediments to the attainment of long-term growth in livestock farming in Nigeria thereby strengthening the livestock value chain and improving productivity across the sector.

For instance, FMN, through the fourth edition of its recently opened Prize for Innovation (PFI) seeks to bring to the fore, innovative practices that can provide viable solutions to these existing and emerging challenges.

“Through the FMN Prize for Innovation (PFI), the Company continues to champion Nigeria’s Food security agenda,” said Boye Olusanya, GMD/CEO, Flour Mills of Nigeria.

Livestock farming plays a crucial role in Nigeria’s food security and economic development but continues to face challenges such as disease outbreaks, poor farm practices, limited access to modern technologies, among others.

“Since inception in 2021, we have nurtured, and financially supported about eight businesses whose scale up is over 50 percent based on the invaluable support and resources provided to them by the Company. Through our consistent actions and investments in Nigeria, we have demonstrated our unwavering commitment to local content development to reduce the nation’s dependency on imported raw materials,” the GMD further said.

The theme of this year’s FMN Prize for Innovation (PFI), “Innovative Practices in Livestock Farming in Nigeria,” highlights FMN’s commitment to promoting sustainable solutions that can transform the country’s livestock space and drive long-term economic growth.

Read also: GTBank removes POS processing fees to support businesses

Every year, the FMN Prize for Innovation highlights an important part of the food value chain that is critical to the transformation and long-term development of the country’s food systems.

Entries for the fourth season of the FMN PFI which started on January 24 and will close on February 28, 2025 after a two-week extension. The Company said it will also hold a fireside chat on a TV morning show on February 20, an opportunity for the judges from the past three seasons to share their insights, learnings, and experiences.

The maiden edition of the FMN Prize for Innovation took place in 2021, an initiative designed to build a sustainable food system in Nigeria. The past three editions explored relevant themes that spotlighted innovative businesses and SMEs within the Food and agro-allied space.

Through the initiative, FMN has empowered entrepreneurs and young innovators whose groundbreaking inventions and ideas are progressively driving the Nation’s quest for food security. These success stories reinforce FMN’s role as a pioneer in building resilient food systems.

Also speaking on the sustainability of the initiative, Mr. Sadiq Usman, Group Director, Strategy and Stakeholder Relations, FMN stated “The sustenance of the FMN Prize for Innovation is premised on the process and the passion of the team that manages the process. Over the years, we have established a growth-driven process that ensures that we don’t just provide financial support for the winners of the prize but also provide them with insights and mentorship that ensures that they effectively utilize the funds for their business scale up. More so, by associating with the brand, they also have access to a platform that gives their products/ services a certain level of credibility that attracts investors, a reward that some of our past winners testified to.”

The competition is in two categories: one for Nigerian SMEs in the agro-allied sector, with practicable, scalable innovations in livestock farming, and the second is for students, encouraging them to propose bold, forward-thinking ideas on innovations in livestock farming.

A panel of distinguished judges from the agriculture and investment sectors will select the winners. Substantial cash prizes ranging from N5 million for the top SME, N3, million, and N2 million for the first and second runners-up respectively. In the student category, winning ideas receive financial support of N300,000, N200,000, and N100,000 for the winner, first and second runners-up respectively. Winning participants also get the opportunity for a one-year mentorship and industry exposure to help scale their projects.

Since its inception, the FMN Prize for Innovation has played a pivotal role in advancing Nigeria’s agricultural sector. By addressing key challenges in livestock farming, this year’s edition further strengthens FMN’s mission to reduce import dependency, foster rural development, and drive economic diversification.