• Saturday, May 18, 2024
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Flour Mills commences 2024 prize for FMN Innovation Challenge

FMN reports robust growth in Q3 2023 amid economic challenges

Flour Mills of Nigeria Plc (FMN) has announced the opening of the third season of the FMN Prize for Innovation (PFI).

Themed ‘Driving Food Self-Sufficiency in Nigeria Through Precision Agriculture,’ the competition underscores FMN’s dedication to advancing the nation’s food security through innovative agricultural practices.

Nigerian innovators and entrepreneurs in the food and agro-allied sector can apply for this award worth N10 million from January 15 to February 15, 2024. This initiative offers an unparalleled platform for showcasing groundbreaking ideas and technologies that can revolutionise the Nigerian agricultural landscape.

Boye Olusanya, group MD/CEO of FMN, in a statement seen by BusinessDay, stated that the FMN Prize for Innovation is not just a competition; it’s a vital step towards a sustainable food future in Nigeria.

“Our previous winners have seen remarkable growth, about 200percent in their business and financial outcomes,” he said.

“This platform is instrumental for those in the food and agro-allied sectors to contribute significantly to our country’s food sustenance agenda.”

The competition promises substantial financial rewards for the top three winners, with the first, second, and third places receiving N5 million, N3 million, and N2 million respectively. These incentives are designed to support and accelerate the growth of their businesses, further enhancing their contributions to Nigeria’s food self-sufficiency.

“Applications will be evaluated by a panel of seasoned experts in the agro-allied field,” Olusanya said. “Winners will not only gain monetary rewards but also receive critical resources and support to ensure the sustainability and expansion of their innovative projects.”

The FMN Prize for Innovation, a cornerstone initiative by Flour Mills of Nigeria Plc, aims to foster novel ideas and advancements in Nigeria’s food and agro-allied sectors, contributing to a robust and sustainable food system in the country.