Flour Mills Nigeria Plc (FMN) has announced the additional investment in Nigeria’s sugar vale chain with expansion of Sunti Golden Sugar Estates from 15,000 hectares to 22,000 hectares
FMN stated in a note at the Nigerian Stock Exchange, reiterating its commitment to the backward integration strategy of the Nigerian Sugar Master plan, with an upland acquisition of the additional 5200 hectares of land at Sunti.
It said the development will lead to increase production of sugar.
It said about 10 neighbouring communities who will be impacted by the project had signed up to development plan of Sunti
The note said these communities will now benefit from an additional 15 km of all-weather, heavy duty road that is already under construction, expanded youth job opportunity among others.
FMN is Nigeria’s leading integrated Food and Agro-allied group, owners of the iconic brand – ‘Golden Penny’.