By Efe Onodjae

Flour Mills of Nigeria Plc has announced plans to invest up to $1billon over the next four years to expand its operations.

The company’s Chairman, John Coumantaros, disclosed this during a recent interview, emphasizing that the move reflects a commitment to increasing investment in Nigeria.

Coumantaros, said, “Flour Mills of Nigeria Plc plans to invest a minimum of $500m into its sugar operations in Niger State to increase production from the current 100,000 tons to over 400,000 tons annually.

“Additionally, the company will allocate $100m to establish a cassava-processing plant to eliminate cassava starch imports. In the full year of 2023/2024, Flour Mills spent around N1.8 trillion on raw materials, resulting in its profit declining by 91 per cent.”

He also revealed plans to expand its breakfast cereal product line, adding that most of the funding would be sourced internally.

 “The requirement for capital is going to be very large, of course, we will be backing most of that, but when you grow, you can’t do everything yourself. You need to invite those experts of the best in the field to support you and assist you, as well as bring some of that technical expertise so that we can grow more business and more jobs here in the country” he stated.