Just How Committed Are We To Saving The Naira?

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.


  1. 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

    • Flour Mills Nigeria
      Posted November 10, 2016 at 12:38 pm | Permalink

      Hello Otayomi Rotimi, thank you for your contribution. Your support counts and matters to us at FMN.

  2. adeleke john
    Posted October 20, 2016 at 8:43 am | Permalink

    it is really the solution f
    or recession is a challenge to our society to share off and discover there need in the soil case i am avaiable to work for u

    • Flour Mills Nigeria
      Posted November 10, 2016 at 12:40 pm | Permalink

      Hello Adeleke John, thank you for your contribution. Please visit the career section of our website or check on our LinkedIn page for job vacancies. Thank you and have a great day.

        Posted January 8, 2017 at 8:31 am | Permalink

        Good’day sir, what can i do or what are the process or steps to take so that company can supply me their products directly frm the company (FMN). Thanks.

  3. adeleke john
    Posted October 20, 2016 at 8:47 am | Permalink

    it is really the solution f
    or recession is a challenge to our society to share off and discover there need in the soil case i am avaiable to work for u so recession is in hot soup

  4. Posted October 21, 2016 at 9:38 am | Permalink

    Iam a professional polythene bag,lyalon.Pls I need assistant to invest my own factory.

  5. Nlemchi Ugochukwu
    Posted December 20, 2016 at 1:46 pm | Permalink

    Inner determination, determined the outcome.

  6. Philibus Tyoden
    Posted January 16, 2017 at 4:34 pm | Permalink

    My pple of Mangu/Bokkos Lgas are maize farmers among other agric prosucts. Is there anyway FMN coul buy this raw naterial frm the fsrmers?

  7. Awwal Aliyu Albany
    Posted March 25, 2017 at 4:44 pm | Permalink

    hello i’m very excited on the ways or forms of associating customers which FMN is on, but pls hw can i purchase your goods directly from the company, i please need to be guided because i am 100% ready to invest in the company.

  8. Oluwasanmi Temitope-Tuase
    Posted May 19, 2017 at 9:30 am | Permalink

    This is great work. Please I’m a farmer, planting majorly cassava and maize. Please is there anyway I can sell directly to your company. Ready to work with target.

    • Flour Mills Nigeria
      Posted July 11, 2017 at 9:14 am | Permalink

      Hello Oluwasanmi Temitope Tuase, Kindly call +2347056891000 || +2347056892000 or send an email to for detailed information on this inquiry. Thank you

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