Our attention has been drawn to recent publications regarding the Nigerian Sugar Industry. Flour Mills of Nigeria Plc (Flour Mills), will like to reaffirm its commitment to the growth and development aspirations of the Nigerian Sugar Master Plan and will uphold the best practices to support this vision.
For over 60 years FMN has demonstrated its commitment to the Nigerian people through strategic investments as demonstrated by our varied portfolio of companies and subsidiaries. One of the most important projects in our endeavour is the Sunti Golden Sugar Estate under the auspices of the Nigeria Sugar Master Plan (NSMP) which we have operated on since 2013.
FMN operates independently in this sector while adhering strictly to the tenets of the Sugar Master Plan. Our operations in this regard are driven by market forces and this approach ensures fairness and integrity in price setting for our sugar products.
Our pricing is driven by our aim to give our customers value, while we remain competitive and ensure return on investment for our stakeholders. To buttress this, we have not sought to raise prices during the Ramadan period despite the increased international cost in raw materials. This decision is guided by our organisation’s sensitivity to the needs of our consumers.
As a show of our continued support for the government’s economic growth initiatives, in January 2021, we provided important documentation to the Federal Government
regarding our observations around the clear disregard of the tenets of the Nigeria Sugar Master Plan. This was because we considered these malpractices to pose a threat to the overall economic progress of the country in this sector.
Whereas we are aware that these infractions on a critical national policy are an issue presently before the courts, we remain committed to running our operations within the tenets of the said master plan and ‘meeting all our obligations thereunder.
We want to once again state unequivocally that we operate a transparent and independent promoting policy, based on the cost of our raw materials, customer needs and dictates of the market.
Our customers and their satisfaction are our most valuable priority as we continue with our purpose of feeding the nation, every day.