FMN-Golden Agri Limited awarded 500 million Naira in to improve the production of maize and soybean in Nigeria
The USAID-funded West Africa Trade and Investment Hub (Trade Hub) has awarded 562.9 million naira in co-investment grants to Golden Agri – Inputs Limited (GAIL), a wholly owned subsidiary of Flour Mills of Nigeria Plc (FMN), a Nigerian company specialized in agricultural value chain development and input sales and distribution. Through this partnership Flour Mills of Nigeria, GAIL is co-investing over 3 billion naira.
The co-investment partnership activity titled ‘YALWA Abundance” will engage smallholder farmers in an outgrower program to cultivate 10,000hectares (Ha) of land and generate 22,500 Metric tons (MT) of maize and 12,500MT of soybean; provide improved agronomic trainings, extension support, and input loans to 10,000 smallholder farmers to increase the productivity of maize and soybean and minimize post-harvest losses.
The project is also designed to create 151 new jobs in Nigeria thereby helping to bridge the unemployment gap in the country whilst directly benefitting about 10,000 maize and soybean farmers with 30% being female and young farmers respectively and over 60,000 indirect beneficiaries.
“FMN is one of the largest food processors in Nigeria with an aggregate combined processing capacity of over 750,000 Metric Tons (MT) per annum. For over six decades, the Group has been significantly investing across its five key value chains - Grains, edible Oil and Fats, Feeds & Proteins, Sweeteners, and Starch, thus GAIL’s co-investment with the Trade Hub to expand its “YALWA” project and to provide input credit to 10,000 smallholder farmers across four states in Nigeria is an invaluable venture for both the organization and the nation”, explained Mr. Boye Olusanya, Group Managing Director/CEO of the company “this is strategic for us as a Group to progressively drive local content development in Nigeria so as to ensure that the national mandate of attaining food self-sufficiency in the nearest future is attained. Our partnership with the Trade Hub will help fastrack this mandate whilst creating varied job opportunities for Nigerians”.
“The Trade Hub strives to promote and expand employment, trade & export, and investment opportunities both within the West African sub-region and international markets” stated Mr. Robin Wheeler, Chief of Party, Trade Hub “The Trade Hub is a five-year trade and investment facilitation program that seeks to improve private sector competitiveness in West Africa. Having closely followed the investments made by FMN through its subsidiary GAIL, especially with the level of success recorded under the ‘Yalwa Abundance’ program, we strongly believe that this partnership will positively transform Nigeria’s food security and boost the local production of maize and soybean”.
Incorporated in September 1960 and quoted on the Nigerian Stock Exchange since 1978, Flour Mills of Nigeria (FMN) Plc, owners of the iconic Golden Penny Food brand is one of Nigeria’s leading food and agro-allied companies. With a broad basket of food products and robust pan-Nigerian production, distribution, and supply chain network, FMN is a fully integrated and diversified food and agro-allied group.
FMN group strives in its purpose to “Feed the Nation, Everyday” through its five core food value chains: Grains, Sweeteners, Oils and Fats, Proteins, and Starches. FMN creates value along the entire food chain with its “farm-to-table” model by providing inputs and know-how to farmers, aggregating and sourcing crops and raw materials to supply its world-class processing facilities across Nigeria, and distributing its innovative food brands to its customers.
The West Africa Trade & Investment Hub (Trade Hub) is a USAID-funded initiative that catalyzes economic growth through co-investing with the private sector to generate new investment, create new jobs, and increase the value of regional and international exports in West Africa.