FMN Announces Fifth Edition of Prize for Innovation with Focus on Cassava Industrialization, Calls for Entries – Time Nigeria Magazine

Flour Mills of Nigeria (FMN), leading diversified pan-African food and agro-allied group, officially opens entries for the 5 th Edition of its annual Prize for Innovation (PFI 5.0). Building on a five-year legacy of driving transformation across Nigeria’s agricultural value chain, the 2026 edition, themed “Innovative Practices in Cassava Production and Processing,” focuses on advancing homegrown innovations in cassava, reinforcing the group’s commitment to local content development and sustainable food systems.

The initiative is open to registered Nigerian small and medium-scale enterprises (SMEs) in the food and agro allied sector and student innovators. 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.

This year’s focus reflects a deliberate response to one of Nigeria’s economic paradoxes, being the world’s largest producer of cassava while continuing to import significant volumes of cassava-based industrial derivatives. Through PFI 5.0, FMN is directing attention to innovations capable of strengthening cassava industrialisation.

Speaking on the milestone edition, Mr. Boye Olusanya, Group Chief Executive Officer (GCEO),
FMN, noted the strategic imperative

“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…