The Flour Mills of Nigeria (FMN) said it is adding value to the Nigerian wheat industry through backward integration.
The company presented its maiden Facts behind the Sustainability Report at the Nigerian Stock Exchange (NSE) via a webinar recently, in line with Global Reporting Initiative (GRI).
The report titled, ‘Feeding the Nation and Enriching lives through Sustainable Operations,’ detailed the company’s progress in each of its focus areas such as commitment to adding value to society through various programmes and initiatives within its operations and operating areas nationwide.
The Group Managing Director/CEO of FMN, Omoboyede Olusanya said: “FMN had over the years optimized the use of natural resources in its production process. Already, an increasing amount of our essential raw materials are sourced locally, by partnering with farmers in our rural communities. We are continually working with smallholder farmers, and farmer groups in the areas of seeds development, capacity development and knowledge transfer. “
As a result of this, Olusanya said FMN has invested more than N150 billion in the past 10 years to execute the core business strategy of aiding the agricultural sector.
The company showed commitment to managing significant economic impacts by going into partnership with the Wheat Farmers Association of Nigeria (WFAN).
Through this synergy, it joined others in the industry to off-take locally produced wheat in the country and provide agronomy support to the wheat farmers.
The Group Chief Executive Officer of NSE, Mr Oscar Onyema at the presentation said: “The GRI Sustainability Reporting can serve as a learning process for an organization to better understand and manage its impacts on the people and planet while also managing risk, leveraging new opportunities and identifying key actions for contributing towards creating a sustainable future.”
