FMN Price For Innovation 2.0 recognizes and rewards Local Businesses with 10 Million Naira in Cash prizes
Flour Mills of Nigeria (FMN) is pleased to announce the winners in category one of the second season of its annual Prize for Innovation competition, which focused on Innovative Techniques for Local Content Development in the Food and Agro-allied sector. FMN Prize for Innovation season two aims to promote 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 which aired on February 18, 2023, brought together six finalists with businesses that have made significant contributions to the food and agro-allied sector in Nigeria 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 winner of the grand prize of N5 Million was Eugene Olumese Osomobegbe of Osomobegbe Global Ventures, whose innovation involves the design and fabrication of highly efficient solar dryers in Nigeria. The first runner-up and winner of N3 Million was Musa Pashi Ali of Palmark Syndicate, with an innovative idea of the production of tomato powder from tomato fruit, and the second runner-up and winner of N2 Million was Damilare Jacob Ogundipe of Indigo Farms and BioResources, an entrepreneur involved in the production of Cassava Residue Pellets for Animal Feeds.
Speaking after the pitch event and presentation of prizes, Sadiq Usman, Director – Group Strategy and Stakeholder Relations at FMN said,
It is quite intriguing to see that the FMN Prize for Innovation also affords entrepreneurs and business owners an 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 who happens to be the winner for this season to the 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. Therefore, the invaluable and transformative nature of the FMN Prize for innovation continues to be apparent every year, and as a Group, we are committed to enriching the lives of Nigerians across their various point of need.
Through various planned developmental activities and support structures, the three winners of the FMN Prize for innovation will also be granted access to mentorship, training, partnerships, and other resources to help them further develop and commercialize their solutions. The Annual Prize for Innovation is part of FMN’s commitment to supporting the development of local content in the Nigerian food and agro-allied sector, and to promoting innovation, sustainable development, and entrepreneurship in the country.
Flour Mills of Nigeria is recognized as one of Nigeria’s leading Food and Agro-allied groups. FMN is devoted to feeding the nation while actively investing in attaining Nigeria’s food self-sufficiency goals. Since 1960, through its iconic Golden Penny brand of flour, pasta, semolina, sugar, starch, oil, spreads, and breakfast cereal, it has continued to build a diversified portfolio of accessible and wholesome food products, a robust Pan Nigerian distribution network, and investments that enhance the lives of Nigerians today and in the future.
FMN creates value along the entire food chain with its ‘farm-to-table’ model by providing inputs and know-how to farmers, aggregating and sourcing crops and raw materials to supply its world-class processing facilities across Nigeria, and distributing its innovative food brands to its customers.
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