Flour Mills of Nigeria Plc (FMN) is set to launch the third season of the FMN Prize for Innovation (PFI) with the theme “Driving Food Self-Sufficiency in Nigeria Through Precision Agriculture.” The initiative aims to encourage and recognize innovative solutions in the food and agro-allied sector, contributing to the nation’s goal of achieving food self-sufficiency.
Registration for the competition is open from January 15 to February 15, providing a window for participants to submit their entries. The focus on precision agriculture aligns with the broader goal of enhancing productivity, sustainability, and efficiency in the agricultural sector.
Participants in the competition will have their entries reviewed by experts from the agro-allied sector, ensuring a thorough evaluation process. The top three winners will receive substantial rewards, with the first-place winner awarded N5 million, the second-place winner receiving N3 million, and the third-place winner getting N2 million.
Mr. Boye Olusanya, the Group’s Managing Director/CEO, highlighted the practical impact of the FMN Prize for Innovation on driving food self-sufficiency in Nigeria. The initiative not only encourages new ideas but also empowers winners, leading to significant growth in their businesses and financial outlook. Past winners have recorded about a 200% growth rate, showcasing the effectiveness of the initiative.
“The FMN Prize for Innovation is one of the most practical initiatives in Nigeria designed to drive food self-sufficiency in the country. Through the FMN-PFI, the Group has been able to identify and empower winners of the Prize such that past winners recorded about 200 percent growth both in their business and financial outlook,” stated Mr. Olusanya.
The FMN Prize for Innovation was established to stimulate creativity and innovation within the food and agro-allied sector, fostering a sustainable food system in Nigeria and across the continent. The initiative provides a valuable opportunity for businesses and individuals in the sector to contribute to the nation’s food sustenance agenda and build sustainable ventures.