We help boost maize farmers’ fortunes – FMN

In its efforts to boost maize production and the earnings of Nigerian maize farmers, Flour Mills of Nigeria Plc (FMN Plc), is intensifying the company’s backward integration policy. Mr. Paul Gbededo, Group Managing Director, Flour Mills of Nigeria (FMN Plc), who revealed this while speaking on the company’s current performance and projections, said the company […]

In its efforts to boost maize production and the earnings of Nigerian maize farmers, Flour Mills of Nigeria Plc (FMN Plc), is intensifying the company’s backward integration policy.
Mr. Paul Gbededo, Group Managing Director, Flour Mills of Nigeria (FMN Plc), who revealed this while speaking on the company’s current performance and projections, said the company does not need to import maize now to run the operations of the processing plants.
 He said the company is now aggregating maize nationwide to help its 350,000 metric tons per annum plants. “No need for import except there is a shortfall in supply, we help boost the fortunes of Nigerian farmers through backward integration,” he added.
“With maize currently being sold at about N45,000 – N50,000 per metric ton, making locally produced maize to be competitive globally, importing the grain would be at about N60,000, thus making it a possibility to export surplus, he stated.
Appreciating an ‘Award for Impactful Contribution to Economy Through Backward Integration’ received from the Lagos Chamber of Commerce and Industry (LCCI), Mr. Hugh Glyn-Jones, Managing Director of the agro-allied division of the company said this aspect of the business has been built on the strength of the backward integration policy.
He said the decision was to ensure that the company gets its raw materials locally and not depend solely on imports.
Hugh further said that based on the management foresight of its Chairman, Mr. John Coumantaros, the company has had to fall back on what is now largely profitable investment, especially at a time the economy is crestfallen.
“Most of these businesses are now producing positive income and successful. They take a long time to develop and already operating to give us raw materials we are now having difficulty getting by importation,” he stated.