Flour Mills of Nigeria has acquired 20,450 hectares of land in Umaisha Development Area of Toto Local Government Area in Nasarawa state, in a bid to expand its sugar backward integration program (BIP).
This is according to a disclosure signed by the company’s secretary, Joseph Umolu, and sent to the Nigerian Exchange Group Plc (NGX).
According to the notice, the signing ceremony was scheduled to hold today, 28th of May, 2021 in Abuja. The ceremony will mark the official handover of the land by the Governor, Engineer Abdullahi Sule to the Flour Mills of Nigeria (FMN) management team.
It is pertinent to note that the recent action is sequel to a similar investment executed by the firm at Sunti, Niger State. In light of this, the firm believes that these moves are part of its commitment to the backward integration programme of the Nigerian Sugar Master Plan and the overall growth strategy of the sugar industry in Nigeria.
Sequel to the signing ceremony today, it is anticipated that land preparation, including surveys and the initial designs will start immediately. The goal is to develop up to 15,000 hectares and to construct a befitting sugar mill.
The project is estimated to be worth at least $300 million and it is believed that when completed, will positively impact neighbouring communities through community improvement projects such as access roads, electrification projects, primary healthcare etc. These community improvement projects are already earmarked to begin soon.
