The second iteration of Flour Mills of Nigeria Plc’s “Prize for Innovation” (PFI) Competition has begun, and FMN has issued a call for applications.
The biennial competition, which began in 2021, encourages fresh concepts to advance Nigeria’s effort to achieve food self-sufficiency.
The event’s topic this year is “Innovative strategies for local content development in the food and agro-allied sector,” according to the company, and it will concentrate on promoting the use of local content within the Nigerian food value chain for the production of sustainable food.
In order to ensure that Nigeria’s food and agro-allied sector transitions from a reliance on the importation of raw materials to prioritizing local capacity development, prospective participants in this year’s competition are expected to present their ground-breaking and innovative solutions.
Participants in the first category, which includes small and medium-sized enterprises (SME) in the food and agro-allied sector, must submit submissions in order to be eligible for the grand prize of N5 million, with the first and second runners-up receiving N3 million and N2 million, respectively.
The top five finalists chosen to present their ideas to judges in the live event will receive value-based opportunities in addition to the cash award from FMN. These opportunities will consist of networking, training, and seminars.
Students at the undergraduate and graduate levels who are interested in the food and agro-allied industries are eligible to submit proposals for the second category, which will be assessed using a viewers’ choice approach. The first and second runners-up in this category will collect N200,000 and N100,000, respectively, while the winner will receive a cash award of N300,000.
Adenike Adeyemi, CEO of Fate Foundation, Mira Mehta, Chief Executive Officer and Founder of Tomato Jos Farming and Processing Limited, Mezuo O. Nwuneli, a private equity investment advisor, Sadiq Usman, Director of Strategy and Stakeholder Relationship for Flour Mills of Nigeria, and Sadiq Usman are the judges returning from the inaugural FMN’s Prize for Innovation.