FMN Signs MoU with South American Firm

Flour Mills of Nigeria Plc (FMN) has said it entered into a technical assistance agreement with Adecoagro, a leading South American agro-industrial company, listed on the New York Stock Exchange.

The Group Managing Director of Flour Mills of Nigeria Plc, Paul Gbededo, said the technical assistance agreement was aimed at achieving maximum yield and sustaining profitability in its farm operations. FMN Group would focus on strategic and vertical integration of its agro-allied business in response to federal government's Agricultural Transformation Agenda, the group has invested in large scale commercial farming of different crops across the country including rice, sugar cane, maize, soybeans, cassava and palm plantation under the terms of the agreement. This would assist FMN in the management and sustainable development of its Kaboji Farm, one of the largest commercial farms in Nigeria, comprising 10,000 hectares near Kontagora, Niger State, dedicated mainly to the cultivation of maize and soybean.

The agreement envisaged a mutually rewarding cooperation between the two companies with the purpose of increasing the historical crop yields, helping to provide sustainable agriculture, maximising returns on the farm, creating jobs and enhancing value for farmers.