FMN’s N5m Cassava Challenge: Boosting Nigeria’s Industrialization

In a bid to drive innovation and industrialization in Nigeria’s cassava sector, Flour Mills of Nigeria (FMN) has launched the 5th edition of its Prize for Innovation. The competition, which comes with a N5 million grand prize, is open to Nigerian SMEs and students, and focuses on cassava production and processing.

Speaking at the launch event, Mr. Shobayo Olatunde, Executive Director, Business Development & Strategy at FMN, emphasized the company’s commitment to driving economic growth and development in Nigeria. “FMN has been a key player in Nigeria’s food and agriculture industry for over 50 years, and we are committed to supporting the growth of the cassava sector,” he said.

The competition is divided into two categories: SME and Student. The SME category is open to registered Nigerian SMEs in the food and agro-allied sector, while the Student category is open to Nigerian students. The top three winners in each category will receive cash prizes, as well as access to corporate mentorship and industry insight.

“We are looking for innovative ideas that can drive the growth of the cassava sector in Nigeria,” said Mr. Olatunde. “We believe that with the right support and resources, Nigerian entrepreneurs and students can develop solutions that can transform the cassava industry and contribute to the country’s economic growth.”

The competition is part of FMN’s efforts to support the Nigerian government’s initiative to drive industrialization and economic diversification. Nigeria is the world’s largest producer of cassava, but the country still imports significant volumes of cassava-based derivatives, including starch, High Fructose Syrup, and Ethanol.

The Prize for Innovation is open to all Nigerian SMEs and students, and applications can be submitted through the official website. The deadline for submissions is March 16, 2026.

The launch of the competition has been welcomed by industry stakeholders, who see it as a positive step towards driving innovation and growth in Nigeria’s cassava sector. “This competition is a great opportunity for Nigerian entrepreneurs and students to showcase their innovative ideas and contribute to the growth of the cassava sector,” said Ayo Adewuyi, a business analyst.

The Prize for Innovation is a testament to FMN’s commitment to driving economic growth and development in Nigeria, and its efforts to support the country’s industrialization agenda.