Flour Mills of Nigeria plans to invest N200bn($1.25bn)in various projects,in order to boost food production in Nigeria.
The plan was disclosed by the company's chairman George Coumantaros at its 52nd annual general meeting in Lagos.
George Coumantaros was quoted by the businessdayonline.com as saying that the company's objective is to be involved in all stages of the food value-chain,where a profitable agro-allied platform will facilitate the growth of the food business.
"We have taken a strategic decision to invest in the production of refined edible oils and associated products in furtherance to our focus on food and agro-allied business,"he said.
For the first quarter of 2012,the company reported a 32%rise in profit before tax to NGN5.1bn($31.79m).
Flour Mills is involved in span flour milling,pasta manufacturing,port operations,fertilizer blending,cement trading and manufacturing,bags and other packaging materials manufacturing,and agricultural business activities in Nigeria.