Flour Mills of Nigeria Plc, the country biggest miller by market value, will seek expansion opportunities in Africa after streamlining its domestic business to focus on food in the continent biggest economy.
“That will be the next phase of growth” Paul Gbededo, Chief Executive Officer, said in an interview in Lagos, according to agency report.
The company will target joint ventures and acquisitions in other countries, he said, declining to name them or give a time frame.
Flour Mills, which sold its stake in United Cement Co. of Nigeria Ltd. to Lafarge Africa last year, to focus on food and agriculture-related activities, has invested over $1 billion in areas including feed-mill expansion, sugar refining and vegetable oil production in the last five years, Gbededo said.
The company plans to invest in sorghum mills at its Northern Nigeria Flour Mills unit, with a target of 20,000 to 30,000 metric tons of the foodstuff annually in the next three to five years, he said.