• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Flour Mills to invest $1 billion in Nigeria over four years to expand production facility 

Aghogho Udi by Aghogho Udi
October 17, 2024
in Business News
Flour Mills to raise another N55 billion in commercial papers
Share on FacebookShare on TwitterShare on Linkedin

Flour Mills of Nigeria Plc, the country’s largest milling company, has announced plans to invest up to $1 billion over the next four years to expand its operations.

The company’s Chairman, John Coumantaros, disclosed this during an interview on Tuesday, emphasizing that the move reflects a commitment to increasing investment in Nigeria.

Flour Mills of Nigeria Plc plans to invest a minimum of $500 million into its sugar operations in Niger State, with the goal of increasing production from the current 100,000 tons to over 400,000 tons annually, according to Chairman John Coumantaros.

RelatedStories

Top 10 African countries with the highest international airfare charges in 2024

Top 10 African countries with the highest international airfare charges in 2024

July 7, 2025
Lagos emerges the world’s fastest-growing tech city in 2025 

Most expensive African countries to rent a home in 2025 

June 24, 2025

Additionally, the company will allocate $100 million to establish a cassava-processing plant aimed at eliminating cassava starch imports. In the full year of 2023/2024 Flour Mills spent around N1.8 trillion on raw materials resulting in its profit declining by 91%.

Coumantaros also mentioned plans to expand their breakfast cereal product line.

The company explained that most of the funding will be internally sourced.

He said, “The requirement for capital is going to be very, very large. And of course we will be backing the majority of that,”  

“But when you grow, you can’t do everything yourself. You need to invite those experts of the best in field to really support you and assist you and bring some of that technical expertise so we can grow more business, more jobs here in the country.” 

Restructure its business operations 

The company also plans to restructure its operations after local partner Excelsior offered to buy out its minority stake and go private.

Flour Mills of Nigeria Plc plans to restructure its over 22 business units into five separate companies, according to Chairman John Coumantaros. “We aim to attract both technical and financial partners to support the growth of our sugar operations and food business. We have ambitious plans for investment and expansion,”  

Beyond that, the Chairman disclosed that the company is looking at leveraging on the Africa  continental Free Trade Area (AfCFTA) to expand across the continent starting from West Africa.

In his words, “With the inception of the AfCFTA, we believe strongly that we shouldn’t be just looking at the Nigerian market,”  

“Our dream is to have a pan-African food business that is headquartered in Nigeria. We’ll take advantage of the AfCFTA so that we can expand our footprint into those regions.”  

Dual listing  

According to him, the Pan-African food business will likely include a dual listing on the NGX and other stock market.

Coumantaros expressed the company’s intention to relist after it undergoes repositioning. He noted that their goal is to return to the market, potentially with a dual listing as a pan-African food or agro-allied business.

He emphasized that the Nigerian Stock Exchange would play a crucial role in their future, but the company first needs to reorganize, retool, recapitalize, and refocus to be ready for such a move.

What you should know  

Flour Mills plan to invest $1 billion in the Nigeria market will come as a confidence booster to President Tinubu whose last 18 months has witnessed the exit of major multinationals in the Pharmaceutical and consumer goods sector.

However, his reforms seem to be paying off. Last month, Coca-Cola announced plans to invest $1 billion in Nigeria to expand production and distribution facilities.


Follow us for Breaking News and Market Intelligence.
Tags: Flour MillsJohn CoumantarosNigeria
Aghogho Udi

Aghogho Udi

My name is Aghogho Udi, a writer, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader African context. My focus lies in shedding light on the intricate connections between macroeconomics and politics, offering valuable insights that foster comprehension of Africa's prevailing economic landscape and the world in general.

Related Posts

Top 10 African countries with the highest international airfare charges in 2024
Aviation

Top 10 African countries with the highest international airfare charges in 2024

July 7, 2025
Lagos emerges the world’s fastest-growing tech city in 2025 
Hospitality & Travel

Most expensive African countries to rent a home in 2025 

June 24, 2025
Independence day – Women, wealth, and the call for financial freedom 
Sectors

Nigeria slips to 66th position in 2025 Global Startup Ecosystem Index  

May 31, 2025
Developing countries may likely bear the brunt of OPEC’s oil production cuts – IEA
Energy

Nigeria, Ivory Coast, and Mozambique set for 10 offshore drilling projects by 2027 

May 5, 2025
Nigeria pledges support for BRICS to drive global finance reforms and multilateral cooperation among partners 
Economy

Nigeria pledges support for BRICS to drive global finance reforms and multilateral cooperation among partners 

April 30, 2025
UK,Rwanda
"Japa"

Japa: UK deports immigration offenders and failed asylum seekers to Nigeria and Ghana 

April 27, 2025
Next Post
FCT minister inaugurates cardiopulmonary resuscitation centres in Abuja 

FCT minister inaugurates cardiopulmonary resuscitation centres in Abuja 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Firstbank partners UNGC to drive sustainable finance and unlock capital for development
  • Tinubu tops online with 4.5 million followers, but most Ministers lack visibility – Report 
  • How Nigerian billionaires fared under Buhari’s 8-year rule 

Follow us on social media:

Recent News

Buy, Sell or Hold – FirstHoldco?

Firstbank partners UNGC to drive sustainable finance and unlock capital for development

July 17, 2025
Under Tinubu, a blueprint for Nigeria’s consumer credit economy is quietly unfolding 

Tinubu tops online with 4.5 million followers, but most Ministers lack visibility – Report 

July 17, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics