Reopening of land borders will not improve revenue – Boye Olusanya
The Group Managing Director of Flour Mills Nigeria Plc, Omoboyede Olusanya, has said that the recent reopening of the nation’s land borders will not affect the performance and profitability of the company in 2021 and beyond.
According to the Managing Director in a statement, the reopening of the nation’s land border will not affect the company’s sales and revenue, as Flour Mills Nigeria is focused on increasing operational efficiency with accelerated plans for cost optimizations across the group to ensure competitive product offerings and profitability in the new operating environment, occasioned by the border reopening.
Olusanya, who disclosed this during the company’s 9M’20/21 Investor Webinar, added that Flour Mills Nigeria will continue to take strategic advantage of brand loyalty, product standardization and innovation, as well as improved cost efficiency to increase profitability in 2021.
In line with this, Flour Mills Nigeria has invested heavily to upscale its Regional Distribution Centres (RDCs), in order to gain direct access to consumer market segments across the country, and expand consumer reach with the road to market initiatives and product offerings across the group, especially in the B2C segment.
He revealed that the company will continue to invest in local content development, production capacity and aggregation to strengthen product innovation and product standardization in a bid to foster brand loyalty.
Olusanya stated that the group has successfully opened new regional distribution centres (RDCs) in Kano, Magboro and Abuja targeting the new fast-growing B2C product categories (fats, sugar and garri).
He added that the FMN Group among other strategic investments made, has invested in trucks to support the RDCs, animal feeds and starch value chains; as well as sales force automation platforms to ensure high-quality processes and services.
He concluded that the activities of the company will be supported by the efforts of the nation’s border security, as these agents would ensure that the borders do not become porous, and would help to curtail markets from being proliferated by imported items.
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