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The report titled ‘Building a Sustainable Future, Scaling
Impact’, provides viable insights on how the Group has been impactfully and
transformatively driving food self-sufficiency in Nigeria while developing
local content.
The Group’s latest report describes its performance in
relation to stated sustainability goals for the 2021/22 reporting period.
Highlight of the report shows that 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
2021 Fiscal Year (FY) to N1.108 trillion in 2022 FY.
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 N552.5 billion in
2021 to N649.9 billion.
During the reporting year, FMN said it partnered with World
Connect in funding the education and empowerment of students across different
states in Nigeria, saying various students received grants for a variety of
entrepreneurship and vocational skills.
Following FMN’s effective supply chain strategies, the Group
said it received the Sustainability, Enterprise, and Responsibility Awards
(SERAS) for the best company in supply chain management during the 20/21
Financial year, among others.
Commenting on the Report, Mr. Boye Olusanya, the Group’s
Managing Director, said: “Our consistency in developing the Group’s
sustainability report is a testament to our commitment toward running a
transparent and people driven business.
“As we create value for our stakeholders and investors, it
has become a key imperative for now and in the future to deepen our commitment
toward local content development as we understand that sustainable growth is
driven by the principle of self-sufficiency and sustenance.”
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