11th October, 2023
Flour Mills of Nigeria Plc (FMN), has released its 2021/2022 Sustainability Report, showing remarkable progress in its operations.
The report titled ‘Building a Sustainable Future, Scaling Impact’, provides viable insights on how the Group has been impactfully and transformatively driving food self-sufficiency in Nigeria while developing local content.
The Group’s latest report describes its performance in relation to stated sustainability goals for the 2021/22 reporting period.
Highlight of the report shows that over the last three years, the Group has recorded increases in its economic value generated, distributed, and retained, an attribute that increased from N706.7 billion in 2021 Fiscal Year (FY) to N1.108 trillion in 2022 FY.
The Group’s investment in developing local content through procurement and backward integration continues to increase. During the reporting year, the total amount paid to suppliers rose from N552.5 billion in 2021 to N649.9 billion.
During the reporting year, FMN said it partnered with World Connect in funding the education and empowerment of students across different states in Nigeria, saying various students received grants for a variety of entrepreneurship and vocational skills.
Following FMN’s effective supply chain strategies, the Group said it received the Sustainability, Enterprise, and Responsibility Awards (SERAS) for the best company in supply chain management during the 20/21 Financial year, among others.
Commenting on the Report, Mr. Boye Olusanya, the Group’s Managing Director, said: “Our consistency in developing the Group’s sustainability report is a testament to our commitment toward running a transparent and people driven business.
“As we create value for our stakeholders and investors, it has become a key imperative for now and in the future to deepen our commitment toward local content development as we understand that sustainable growth is driven by the principle of self-sufficiency and sustenance.”