Flour Mills of Nigeria has announced the launch of the third season of the FMN Prize for Innovation (PFI), an initiative aimed at supporting Nigerian innovators and entrepreneurs with innovative ideas that have the potential to positively impact the country’s economy.
FMN PFI’s third season is themed ‘Driving Food Self-Sufficiency in Nigeria Through Precision Agriculture’, highlighting the company’s focus on using innovative technologies to improve agricultural productivity and promote food security in Nigeria.
The initiative offers Nigerian innovators and entrepreneurs an exciting opportunity to showcase their innovations and potentially win a share of N10 million in prizes. The competition is open to all individuals and organisations who have developed or are working on innovative technologies or solutions that can improve agricultural production and food security in Nigeria.
Boye Olusanya, group MD/CEO of FMN,stated that innovators and forward thinkers are invited to register From January 15 to February 15, 2024.
Olusanya described the initiative as not just a competition, but a vital step towards a sustainable food future in Nigeria. He added that the platform is instrumental for those in the food and agro-allied sectors to contribute significantly to our country’s food sustenance agenda.”
“Our previous winners have seen remarkable growth, about 200 percent in their business and financial outcomes,” he said.
In addition to the prestige and recognition that come with winning the FMN Prize for Innovation, the company noted that the financial rewards are another key reason for potential applicants to participate. It also stated that the first, second, and third place winners will receive N5 million, N3 million, and N2 million, respectively, which can be used to grow their businesses and make a real impact in the field of agriculture.
According to Olusanya, winners will not only gain monetary rewards but also receive critical resources and support to ensure the sustainability and expansion of their innovative projects.