Flour Mills of Nigeria launches fourth edition of prize for innovation to boost livestock farming
NIGERIA – Flour Mills of Nigeria (FMN), a leading agro-allied company, has announced the fourth edition of its prestigious Prize for Innovation (PFI), with a focus on addressing critical challenges in Nigeria’s livestock farming sector.
FMN is one of Nigeria’s leading food and agro-allied companies. It operates over 20 milling units in the country and possesses the largest feed mill in sub-Saharan Africa. The group strives to “Feed the Nation, Everyday” through its core food value chains.
This year’s theme, “Innovative Practices in Livestock Farming in Nigeria,” underscores FMN’s commitment to strengthening the livestock value chain, improving productivity, and supporting Nigeria’s food security agenda.
Livestock farming is a cornerstone of Nigeria’s agricultural sector, contributing significantly to food security and economic development. However, the sector faces persistent challenges, including disease outbreaks, poor farming practices, limited access to modern technologies, and inadequate infrastructure.
These impediments have hindered the sector’s growth and its potential to meet the rising demand for animal protein in the country.
Through the PFI initiative, FMN aims to identify and support innovative solutions that can transform the livestock farming landscape. The competition invites entrepreneurs, startups, and researchers to present viable and scalable ideas that address these challenges.
Since its inception in 2021, the FMN Prize for Innovation has made significant strides in nurturing agribusiness innovation.
According to Boye Olusanya, Group Managing Director and CEO of FMN, the initiative has supported eight businesses, with over 50% of them achieving remarkable growth due to the resources and mentorship provided by the company.
“Through our consistent actions and investments in Nigeria, we have demonstrated our unwavering commitment to local content development to reduce the nation’s dependency on imported raw materials,” Olusanya stated.
The competition is divided into two categories: one for Nigerian SMEs in the agro-allied sector with practical, scalable innovations in livestock farming, and another for students with forward-thinking ideas for innovations in the same area.
A panel of judges from the agriculture and investment sectors will select the winners, who will receive substantial cash prizes. The top SME will receive N5 million (US$3,239), while the first and second runners-up will receive N3 million (US$1,943) and N2 million (US$1,295), respectively.
In the student category, the winner will receive N300,000 (US$194), with N200,000 (US$129) and N100,000 (US$65) awarded to the first and second runners-up, respectively. Winning participants will also receive a one-year mentorship and industry exposure to help scale their projects.
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