FMN commences innovation competition for local content devt
Flour Mills of Nigeria Plc (FMN) has announced the commencement and call for applications in the second edition of its ‘Prize for Innovation” (PFI) Competition.
The yearly competition, which started in 2021, promotes new ideas to boost the quest for food self-sufficiency in Nigeria.
According to the firm, this year’s edition is themed “Innovative techniques for local content development in the food and agro-allied sector” and will focus on facilitating the use of local content within the Nigerian food value chain, for sustainable food production.
Prospective participants in this year’s competition are expected to put forth their innovative and cutting-edge solutions to ensure Nigeria’s food & agro-allied sector moves from a dependence on the importation of raw materials to prioritise local capacity development.
In the first category, small and medium businesses operating within the food and agro-allied sector, participants will send entries to compete for a chance to win the grand prize of N5 million, while the first and second runners-up win N3 million and N2 million respectively.
Beyond the cash prize, FMN will provide value-based opportunities to the top five finalists selected to pitch their ideas to judges in the live event. These opportunities will include training, seminars, and networking opportunities.
In the second category, students in undergraduate and postgraduate levels with an interest in the food and agro-allied industry, are eligible to send in applications which will be judged by the general public as a viewers’ choice format. The winner in this category will get a cash prize of N300,000, while the first and second runners-up will win N200,000 and N100,000 respectively.
Judges returning from the maiden edition of FMN’s Prize for Innovation include Mira Mehta, Chief Executive Officer and Founder of Tomato Jos Farming and Processing Limited; Mezuo O. Nwuneli, a private equity investment advisor; Adenike Adeyemi, Chief Executive Officer of Fate Foundation; and Sadiq Usman, Director of Strategy and Stakeholder Relationship for Flour Mills of Nigeria.