Flour Mills of Nigeria plans to invest $1 billion over the next 3-5 years to fund growth and expand into West Africa, its vice chairman told Reuters on Friday.
John Coumantaros said revenue for the manufacturer of products like pasta, flour, vegetable oil, livestock feed and also cement grew 11-15 percent over the last five years. He expected that rate to continue at the same rate over the next 5 years.
The conglomerate will not need to tap equity markets to fund growth, he said, which will be funded with internal cash flows and debt.
