Flour Mills of Nigeria has improved on procurement and backward integration in its operations which has resulted in an increase in the total amount paid to suppliers, which rose from N552.5bn in 2021 to N649.9bn at the end of the 2022 financial year.
This was revealed in a statement issued by the Food and Agro-allied Group on Thursday, following the release of its 2021/2022 Sustainability Report titled ‘Building a Sustainable Future, Scaling Impact.”
“The Group’s investment in developing local content through procurement and backward integration continues to increase. During the reporting year, the total amount paid to suppliers rose from N552.5bn in 2021 to N649.9bn.
“As a responsible organization that is committed to sustainable development, FMN has developed and implemented a comprehensive sustainability strategy that is aligned with the United Nations Sustainable Development Goals and core ESG domains of Governance, Planet, People, and Prosperity as well as the Nigeria Exchange Group’s Sustainability Disclosure Guidelines. Over the last three years, the Group has recorded increases in its economic value generated, distributed, and retained, an attribute that increased from N706.7 billion in FY 21 to N1.108 trillion in FY 22.”
On the educational front, Flour Mills said that it partnered with World Connect in funding the education and empowerment of students across different states in Nigeria with various students receiving grants for a variety of entrepreneurship and vocational skills.
Also, through its effective supply chain strategies, it received the Sustainability, Enterprise, and Responsibility Awards for the best company in supply chain management during the 20/21 financial year.
The Group recycled 2,068 MT and 780 MT of packaging materials across its, Morpack Lagos and Kano offices respectively and as a testament to its commitment to environmental compliance, six sites within the Group renewed their Environmental Audit Reports during the financial year. During the year in review, FMN obtained ISO 27001 Information Security Management System certification making the Group the First indigenous FMCG organization in Nigeria to have obtained the certification.