The Flour Mills of Nigeria Plc (FMN) has reiterated its commitment to promoting the development of local content and innovation in the food industry and to create new opportunities for entrepreneurs to drive economic growth in the country.
Towards achieving this, it has rewarded winners in category one of the second season of its annual prize for innovation competition, focused on Innovative Techniques for Local Content Development in the Food and Agro-allied sector.
The season two is aimed at promoting the development of local content and innovation in Nigeria’s food industry, creating new opportunities for entrepreneurs and driving economic growth in the country.
The high-octane pitch event, aired on February 18, 2023, brought together six finalists with businesses that have made significant contributions to the food and agro-allied sector, through their innovative ideas and practices. After a highly competitive pitch session before the judges, the winner and first two runners-up were selected.
The Director, Group Strategy and Stakeholder Relations, FMN, Sadiq Usman, said it is quite intriguing to see FMN Prize for Innovation affords entrepreneurs and business owners’ opportunity for a valuable networking experience.
“In this season, we saw a unifying business driver for most of the businesses, which have the potential for value creation both in the short and the long run.
“From the local fabricator of solar dryers, Osomobegbe Global Ventures Limited – producer of dried tomatoes powder, and to the manufacturer of animal feed pellets from cassava residue, there is already a common driver for growth, which is food dryer. And all these entrepreneurs are already finding ways to drive value for one another, whilst building a profitable business,” he added
Usman further said, the invaluable and transformative nature of the FMN Prize for innovation continues to be apparent every year, reiterating the group’s commitment to enriching the lives of Nigerians across their various point of need.
The winner of the grand prize of N5m is Eugene Olumese Osomobegbe of Osomobegbe Global Ventures Limited, whose innovation involves the design and fabrication of highly efficient solar dryers in Nigeria.
The first runner-up and winner of N3m was Musa Pashi Ali of Palmark Syndicate Ltd, with an innovative idea of the production of tomato powder from tomato fruit, and the second runner-up and winner of N2m – Damilare Jacob Ogundipe of Indigo Farms and Bio Resources, an entrepreneur involved in the production of Cassava Residue Pellets for Animal Feeds.