Flour Mills of Nigeria has officially unveiled the fifth edition of its annual Prize for Innovation (PFI 5.0), introducing a strategic roadmap to revolutionise Nigeria’s cassava value chain through a combination of high-impact funding and corporate mentorship.
The 2026 edition, themed “Innovative Practices in Cassava Production and Processing,” targets the “economic paradox” of Nigeria being the world’s largest cassava producer while remaining heavily dependent on imported cassava derivatives for industrial use.
This is contained in a Thursday statement issued by Flour Mills of Nigeria.
Speaking on the launch of the milestone edition on Thursday, the Group Chief Executive Officer of FMN, Mr. Boye Olusanya, emphasised that the initiative has evolved from a corporate social responsibility project into a critical industrial priority.
He said, “The FMN PFI 5.0 is an industrial priority. Over the past five years, we have deliberately supported local innovation in building solutions within Nigeria’s food system.
“Our focus on cassava is strategic. It holds the key to industrial self-sufficiency and economic progression through the Food and Agro-allied space.”
He further noted that the long-term goal is to build a resilient ecosystem:
“Since its inception, the FMN Prize for Innovation has been enabling sustainable food systems in Nigeria, and progressively reducing dependency on imported raw materials,” he added.
The PFI 5.0 model is designed to provide more than just financial relief; it aims to scale businesses from concept to commercial viability.
FMN has committed to a tiered prize structure to ensure both established SMEs and young student innovators are empowered.
The Managing Director, FMN Agro and Group Director, Strategic Stakeholder Relations, Mr. Sadiq Usman, highlighted that the initiative is structured for longevity rather than one-off rewards.
He said, “The Prize for Innovation is designed to move ideas beyond the concept stage,” Usman explained.
“By combining funding, mentorship, and access to industry insight, we have enabled past winners to strengthen their operations and progress towards commercial viability.”
He added a look toward the future, “We expect the fifth edition to further deepen the pipeline of scalable cassava-focused innovations.”
Since its inception in 2021, the Prize for Innovation has become a cornerstone of Nigeria’s agricultural tech space.
Successful participants in the SME category will receive cash prizes of ₦5 million for first place, ₦3 million for second place, and ₦2 million for third place.
In the Student category, winners will receive ₦300,000, ₦200,000, and ₦100,000 for the top three positions. Beyond prize money, winners will gain access to corporate mentorship and industry insight to support the commercialisation of their solutions and drive business longevity.
“To date, FMN has empowered 24 innovators across four previous editions. Disbursed over ₦42 million in direct cash grants. Provided over ₦200 million in structured systems and resources to help winners scale”, the statement further read.
Previous themes have tackled critical issues such as food loss, precision agriculture, and livestock farming.
By pivoting to cassava in 2026, FMN aims to bridge the gap between rural farming and industrial-scale manufacturing.
