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, Mr. Paul Gbededo, in a statement said the technical assistance agreement was aimed at achieving maximum yield and sustaining profitability in its farm operations.
Under the terms of the agreement, Adecoagro 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.
The South American company, Adecoagro owns and operates over 278,000 hectares of high quality farmland and several industrial assets where it produces over 1.2 million tons of food commodities and renewable energy, including, corn, wheat, soybean, rice, cotton, milk, sugar, ethanol and electricity.