Agro-allied giant Flour Mills of Nigeria PLC (FMN) has announced the call for entries for the fourth edition of its FMN Prize for Innovation (PFI). In a statement released on Thursday, the company revealed that this year’s focus will be on livestock farming, under the theme “Innovative Practices in Livestock Farming in Nigeria.” The initiative underscores FMN’s commitment to promoting sustainable solutions that can transform Nigeria’s livestock sector and drive long-term economic growth.
The FMN Prize for Innovation was first launched in 2021 as part of efforts to build a sustainable food system in Nigeria. Over the past three editions, the competition has explored themes that spotlighted innovative businesses and SMEs within the food and agro-allied space.
Entries for the fourth season opened on January 24, 2025, and will close on February 28, 2025, following a two-week extension. This year’s theme aims to support innovative solutions that address challenges in livestock farming, strengthen the livestock value chain, and improve productivity across the sector.
Addressing Challenges in Livestock Farming
Livestock farming plays a critical role in Nigeria’s food security and economic development. However, the sector faces numerous challenges, including disease outbreaks, poor farming practices, and limited access to modern technologies. Through the PFI, FMN seeks to highlight innovative practices that can provide viable solutions to these challenges.
FMN’s Commitment to Food Security
Speaking on the initiative, the Group Managing Director and Chief Executive Officer of FMN, Mr. Boye Olusanya, emphasized the company’s dedication to Nigeria’s food security agenda. “Since its inception in 2021, we have nurtured and financially supported about eight businesses, with over 50% scale-up growth, thanks to the invaluable support and resources provided by FMN. Through our consistent actions and investments, we have demonstrated our unwavering commitment to local content development and reducing the nation’s dependency on imported raw materials,” he said.
Sustainability of the Initiative
Mr. Sadiq Usman, Group Director of Strategy and Stakeholder Relations at FMN, highlighted the sustainability of the PFI initiative. “The success of the FMN Prize for Innovation lies in the process and the passion of the team managing it. Over the years, we have established a growth-driven process that ensures winners not only receive financial support but also gain insights, mentorship, and access to platforms that enhance their credibility and attract investors. Many past winners have testified to the transformative impact of this initiative,” he stated.
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Competition Categories and Prizes
The competition is divided into two categories:
- SME Category: Open to Nigerian SMEs in the agro-allied sector with scalable innovations in livestock farming.
- Student Category: Encourages students to propose bold, forward-thinking ideas on innovations in livestock farming.
A panel of distinguished judges from the agriculture and investment sectors will select the winners. Prizes include:
- SME Category:
- Winner: ₦5 million
- First Runner-up: ₦3 million
- Second Runner-up: ₦2 million
- Student Category:
- Winner: ₦300,000
- First Runner-up: ₦200,000
- Second Runner-up: ₦100,000
Winners will also receive a one-year mentorship program and industry exposure to help scale their projects.
Past Success and Future Goals
Since its launch, the FMN Prize for Innovation has supported numerous businesses and students, fostering innovation and growth in Nigeria’s agro-allied sector. With this year’s focus on livestock farming, FMN aims to further strengthen the sector and contribute to the nation’s food security and economic development.
