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FMN performance improves in full-year results


Strong organic growth was seen with a sustained progress in product innovations and transformation in exciting markets as well as operational efficiencies.
Speaking to Daily Trust on the results, the Group Managing Director, Omoboyede Olusanya, said Flour Mills emerged from the prevailing COVID-19 environment as a stronger, more resilient, flexible and confident business as a result of the collective strategic actions made over its 60 years history.
“FMN attained strong revenue growth, largely driven by the increase in volumes of production with a six percent increase compared to the previous year. Financial Year (FY) and Q4’21 Profit After Tax (PAT) more than doubled as it reached N25.7 billion, up from 11.4bn in 2019/2020 (127% YoY Growth). ....

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Confronting wheat shortage


Confronting wheat shortage
Oluwatomisin Amokeoja
As Nigeria grapples with wheat insufficiency, stakeholders have met to discuss strategies to boost its production. DANIEL ESSIET reports
Wheat grain is in high demand from millers and pasta plants owners. To produce the required amount of wheat to feed the world’s growing population, researchers at Department of Global Development, Cornell University, United States predicted that wheat yields must increase at least 1.4 per cent yearly through 2030.
Like other staples, wheat is cultivated in Nigeria. However, its production is not sufficient for domestic requirements.
Despite this, population growth and increased feed grains requirements are expected to drive up Nigeria’s demand for wheat in the approaching years. ....

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