April 1980 N0:55K = $1 October -2016 N315: 00k = $1 The present value of the Naira in the international market is almost unbelievable. From an exchange rate of N00:55k to $1 in 1980 to a current rate of up to N400 to a dollar in parallel markets, the Nigerian currency is at its all-time low, and this is rocking almost every sector of the economy out of tune. These are results for a country that largely depends on importation. In 2015, Nigeria spent over $16 billion on importation. 12.5% of these imports were agricultural products. This resulted in inflation and higher cost of purchasing alternatives from local production. Saving the Naira requires that Nigeria reduces her dependency on crude oil and our importation of foreign goods and these have been the key nodes of FMN quest to boost the nation’s agricultural prowess. More than fifteen years ago FMN made another commitment towards the country’s self-sufficiency under its Backward Integration Programme. It started infrastructural investments in the production of raw materials that supported local food processing operations. Making this possible, involved investments worth over $1 billion in the last 5 years. The investments went into projects such as: N15 billion into ROM Oil; the largest soya mill factory in Nigeria. N40 billion into the development of Sunti Farms; Nigeria’s biggest sugar cane farm and factory. N850 million into the development of Kaboji maize and soya bean farm in Kaboji. Expansion of our previous Business-to-Business offerings like flour to become Business-to-Customer products. This caused the expansion of Golden Penny Foods into the production of pasta, noodles, snacks, sugar, flour, oil and ball foods. As a result of all these investments, we can say that our Agro-allied strategy has saved and continue to save Nigeria a considerable amount that would normally be spent on importation of raw materials, as well as on semi-processed raw materials. In the midst of the crude oil price crash and its ripple effects across the local and global economy, there has never been a better time to save and conserve FOREX than now, and we are proud to be leading this journey. Our goal to invest another $1 billion in our agro-allied division within the next 3 years should bear testament to that. Read more stories from FMN THE EXIT OF AN INDUSTRY ICONTHE FMN COMMITMENT TO “MADE-IN-NIGERIA”...MORE THAN 1000 PEOPLE IN APAPA AND ENVIRONS BENEFI...GETTING AGRICULTURE TO DO WHAT OIL IS FAILING TOHERE IS OUR RESPONSE TO THE DOMINANCE OF OIL IN NI...FMN, EMPLOYING MILLIONS ACROSS NIGERIA This entry was posted in Press. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Post a comment or leave a trackback: Trackback URL. « HERE IS OUR RESPONSE TO THE DOMINANCE OF OIL IN NIGERIA • Getting Agriculture To Do What Oil Is Failing To » 4 Comments Otayomi Rotimi Posted October 11, 2016 at 7:13 am | Permalink Every solution to human problems reside in the soil,even from it,man was created in the image of the supreme being endowed in gift beyond the soil.Thumbs up Flour Mills of Nigeria/FMN PLC as you continue to dig deep for the seeds of solutions to make our nation feeds and feels good. RECESSION IS IN TROUBLE Reply adeleke john Posted October 20, 2016 at 8:43 am | Permalink it is really the solution f or recession Agriculture.it is a challenge to our society to share off and discover there need in the soil Agric.in case i am avaiable to work for u Reply adeleke john Posted October 20, 2016 at 8:47 am | Permalink it is really the solution f or recession Agriculture.it is a challenge to our society to share off and discover there need in the soil Agric.in case i am avaiable to work for u so recession is in hot soup Reply Yakubu Lassafi Posted October 21, 2016 at 9:38 am | Permalink Iam a professional polythene bag,lyalon.Pls I need assistant to invest my own factory. Reply Post a Comment Click here to cancel reply. Your email is never published nor shared. Required fields are marked * Name * Email * Website Comment Notify me of follow-up comments by email. Notify me of new posts by email.