Honeywell to Invest N64b in Food Processing Facility

Chairman, FBN Holdings Plc, Dr. Oba OtudekoChairman, FBN Holdings Plc, Dr. Oba Otudeko
  • Honeywell to Invest N64b in Food Processing Facility

To accelerate Nigeria’s quest for self-sufficiency in food production, Honeywell Flour Mills Plc said it will invest up to N64 billion into a world class integrated processing facility.

The Chairman of Honeywell Flour Mills, Dr. Oba Otudeko made the disclosure during the Vice President, Prof. Yemi Osinbajo’s visit to the Honeywell Foods and Agro-allied Industrial Complex in Sagamu, Ogun State, last week.

A statement from the company, which was made available in Lagos, quoted Otudeko as saying that the massive project, for which construction activities commenced in 2014, is a world class integrated facility where economies of scale and scope will be leveraged to drive down costs and provide Nigerians with more affordable food products.

“The company has commenced work on the first three phases of the complex: initially with the construction of a pasta plant; being followed by a sorghum flour mill and an animal feed mill. All factories will utilise local grains, tubers and oil seeds as raw materials to boost farming activities and agriculture in execution of Honeywell’s backward integration and import substitution strategy,” he said.

Following a detailed tour of the site, Vice President Osinbajo was said to have commended Honeywell’s patriotic efforts at reducing food imports and creating employment in the all-important food manufacturing and agriculture sectors of the economy.

He reiterated the Federal Government’s resolve to work with and support private sector players who demonstrate commitment to value addition and job creation in the economy.

Honeywell Flour Mills is a member of the Honeywell Group and listed on the Nigeria Stock Exchange (NSE). It produces a range of well-loved food products in the Flour, Pasta, Noodles, Wheat Meal and Semolina categories.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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