Flour Mills of Nigeria Plc, the nation’s largest miller, plans to spend as much as $1 billion over the next four years to expand its facilities and restructure after its majority shareholder offered to take it private.
The new funding is about “doubling down on investment in Nigeria,” Chairman John Coumantaros said in an interview on Tuesday.

The investment will be a boost to President Bola Tinubu’s reform efforts at a time when some firms like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation. Since coming to power in May 2023, he has unleashed a series of reforms, from free floating the naira to scaling back on fuel subsidies, to make the country more attractive to investors and pull it back from the brink of fiscal collapse.

Flour Mills plans to invest at least $500 million in its sugar operations in Niger state to increase production to more than 400,000 tons a year, from 100,000 tons currently, Coumantaros, said. Another $100 million will be used to build a cassava-processing factory to end imports of cassava starch into the country, while its breakfast cereal offering will be expanded, he said.
The 64-year-old company will be reorganized after Excelsior Shipping Company Ltd. last month offered to buy outminorities at 70 naira a share.

The company wants to restructure its more than 22 units into five individual companies, Coumantaros said. “We want to be able to attract partners — technical and financial partners — to help us grow our sugar operations and our food business. We have a lot of ambitious plans for investment and expansion.”

Source: https://www.bloomberg.com/news/articles/2024-10-17/nigeria-s-largest-flour-miller-plans-1-billion-investment-in-boost-to-tinubu

Some people go dey vex now.

Just watch.

But, our resident wailers claimed that all Multinationals are exiting the country and even advised local investors to "invest in Nigeria at their own risk"

In the end, Reno Omokri is right about those Economic developmental indices and those stats are right

2027 loos very massive

Obidients will be depress when they see this news

More of this!

Read the comments above; no reasonable comments on Nairaland. A forum full of dumb people!

EmperorCaesar:


But, our resident wailers claimed that all Multinationals are exiting the country and even advised local investors to "invest in Nigeria at their own risk"

In the end, Reno Omokri is right about those Economic developmental indices and those stats are right

2027 loos very massive

There are many other investors on their way to Nigeria.

The government’s policies are attracting investors who are ready to work in an UNSUBSIDISED Nigerian economy.

The ones leaving are the parasitical ones who can only survive under artificial, ruinous fuel subsidies that were bankrupting the nation, so let them go! Good riddance!

Ikaeniyan0:
Obidients will be depress when they see this news

They can go to blazes.

Stop making them feel important.