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Flour Mills of Nigeria (FMN) has opened applications for the fifth edition of its annual Prize for Innovation (PFI 5.0), shifting its focus to cassava production and processing in a move that could unlock new industrial opportunities for Nigerian small businesses.

The 2026 edition, themed Innovative Practices in Cassava Production and Processing, is aimed at advancing homegrown solutions within Nigeria’s cassava value chain. The initiative is open to registered Nigerian small and medium-scale enterprises in the food and agro-allied sector, as well as student innovators.

Under the SME category, winners will receive N5 million for first place, N3 million for second place, and N2 million for third place. In the student category, the top three innovators will receive N300,000, N200,000 and N100,000 respectively. Beyond the cash prizes, selected winners will gain access to corporate mentorship and industry support designed to help them commercialise their innovations and build sustainable enterprises.

The cassava focus responds to a longstanding gap in Nigeria’s agricultural economy. Although Nigeria remains the world’s largest producer of cassava, the country still imports significant volumes of cassava-based industrial derivatives. FMN said the 2026 prize is designed to channel innovation towards reducing this dependency and strengthening local industrial capacity.

The Group Chief Executive Officer of FMN described the fifth edition as aligned with the company’s broader industrial vision. He said the prize has consistently supported local innovators in developing practical solutions within Nigeria’s food system, adding that cassava represents a strategic pathway to industrial self-sufficiency and economic progress across the food and agro-allied space. According to him, the initiative has helped to progressively reduce reliance on imported raw materials while promoting sustainable food systems.

Since its launch in 2021, the FMN Prize for Innovation has supported 24 innovators across four editions. The company said it has disbursed more than N42 million in prize funding and committed over N200 million in structured support systems to help winning ideas scale into viable businesses. Previous themes have covered food loss and waste reduction, local content development, precision agriculture and livestock farming.

FMN’s management said the structure of the programme goes beyond financial rewards. By combining funding with mentorship and industry access, past winners have been able to strengthen operations and move closer to commercial viability. The company expects the fifth edition to deepen the pipeline of scalable cassava-focused solutions, particularly those with strong industrial applications.

Entries for PFI 5.0 are now open and will close on March 16, 2026. Interested innovators are required to submit applications through the official Prize for Innovation website.

For MSMEs operating within the cassava ecosystem, the competition presents not only funding but also a pathway into stronger industry networks and long-term growth opportunities.

Incorporated in September 1960 as a limited liability company and Nigeria’s pioneer wheat miller, FMN has grown into one of Africa’s largest food and agro-allied groups. The company has made strategic investments across grains, sugar, cassava starch, animal feeds, protein, edible oils and fats, positioning itself as a major player in multiple value chains.

For over six decades, FMN has operated under its purpose of feeding and enriching lives every day, delivering a broad portfolio of food products through its flagship Golden Penny brand, which remains a household name across Nigeria.