Broadcasting
Honeywell Flour Mills Plc: A 12 Month Glance Into The Nigerian Food Manufacturing Sector
By Arike Willoughby
Nigeria’s 200 million estimated population provides huge opportunities for food supply. However, the supply is limited by low productivity in the agriculture sector despite the sector contributing 24% of the country’s GDP.
According to PwC, the agricultural sector, which includes food manufacturing, faces the following issues: lack of access to finance, shortage in the supply of inputs, conflict and insecurity, outdated methods of agriculture, and so on.
Another factor responsible for the demand-supply disparity rests upon Nigeria’s infrastructure limitations, all of which contribute to the increased cost of production. It is also a result of the global oil price instability and the general effects of the COVID-19 pandemic on supply chains and spending power.
But these challenges notwithstanding, there are a few foods manufacturing companies that have weathered the storm and produced remarkable results in the past year. One of such is Honeywell Flour Mills Plc.
The pandemic has significantly changed consumer spending and eating habits. People now rely more on foods that are easy to cook and have longer shelf life. This made it even more expedient for food manufacturers like Honeywell Flour Mills Plc that produce high quality, nutritious staple food products to step into the gap and meet the feeding needs of Nigerians.
In its FY 2021, Honeywell Flour Mills Plc reported the highest-ever revenue in its 23-year history, despite the manner in which the pandemic impacted businesses and the many challenges facing the food manufacturing sector, as discussed above. With revenue of ₦109.5 billion, the company joined the centurion club, an exclusive list of Nigerian companies that have generated over ₦100 billion in annual revenue. This new record represented a 36% increase in revenue for Honeywell, up from the ₦80.4 billion it generated in 2020. The performance was underpinned by initiatives focused on driving customer loyalty, product differentiation, and improving operational efficiency.
Another major contributor to the company’s FY 2021 performance and growth was its increased production capacity. For instance, its over two-year-old pasta factory in Sagamu, Ogun State boosted production capacity with 138,600 metric tonnes of pasta, injecting over ₦19 billion to the company’s revenue figures. Its factories in Apapa and Ikeja also contributed ₦90.5 billion to this growth.
Altogether, this increase in production capacity also meant that the factories could employ more people, a much-needed value addition during trying times. Employing more people also meant that Honeywell directly contributed to the welfare of several families, making it easier for parents to keep food on the table while working in healthy and safe conditions.
However, companies like Honeywell and others within the food manufacturing sector still must battle the effects of the increased cost of production, which is inevitably reflected in food prices. In recent weeks, the conversations around the rising cost of food items in the market have become more prominent. A recent report by the World Bank in Nigeria shows that food prices accounted for over 60% of the total increase in Nigeria’s inflation rate. This contributed to pushing seven million Nigerians below the poverty line in 2020 alone.
But there is light at the end of the tunnel. As both the public and private sectors further invest in agricultural and food manufacturing policies and practices, with more significant and deliberate efforts to improve the value chain, and with a commitment to reduce Nigeria’s import-dependency, things will only get better. If one company can optimise its operations so well that it turns out a significant profit in spite of a pandemic, there’s so much more that can happen when we have more human resources, better government policies and more capital investments from the private sector at play.
By Arike Willoughby is a writer and journalist living in Ikeja, Lagos.
QEDNG Creative Powerhouse Summit will hold its second edition on August 11 in Lagos, bringing together leaders across the creative, business and policy spaces.
Convened by Mighty Media Plus, publishers of online newspaper QEDNG, the summit brings together conversations at the intersection of creativity, enterprise and influence, with a focus on strengthening Nigeria’s creative economy.
Reflecting on the inaugural edition, Iyanda said the summit drew participation from respected figures across sectors, including group managing director of SO&U Udeme Ufot as chairman and founder of The Africa Soft Power Group Dr Nkiru Balonwu as keynote speaker, alongside panellists such as filmmaker Kunle Afolayan, All Africa Music Awards (AFRIMA) founder Mike Dada and executive director of the National Film and Video Censors Board (NFVCB) Dr Shaibu Husseini who contributed to discussions on the direction of the creative economy.
“The first edition showed that there is a strong interest in serious engagement around the creative economy. We had contributions from experienced voices who helped set the tone for the kind of platform we are building,” Iyanda said.
Building on the success of its inaugural edition, the summit continues to expand its scope, attracting a diverse mix of industry leaders, entrepreneurs, policymakers and emerging talents.
“This summit is designed as a meeting point for ideas, influence and execution. It is not just about conversations, but about outcomes that strengthen the creative economy,” Iyanda added.
He noted that the timing of the summit is significant as the country’s creative sector continues to evolve.
“Nigeria’s creative sector has grown in visibility, but the structures that support it are still evolving. The QEDNG Creative Powerhouse Summit is part of the effort to bring clarity, direction and serious engagement to that growth,” he said.
The 2026 edition will feature keynote addresses, panel discussions and curated sessions addressing themes around innovation, growth, funding and the global positioning of Nigerian creative talent.
According to Iyanda, the long-term goal is to build a platform that remains relevant across generations.
“Our goal is to build a platform that remains useful over time, one that documents progress, connects stakeholders and contributes meaningfully to policy and practice,” he said.
Further details on speakers, partners and the full programme will be announced in the coming weeks.
Nigeria Union of Journalists (NUJ) has criticised the National Broadcasting Commission (NBC) over a recent directive to broadcast stations, describing it as a threat to free speech and press freedom.
In a press release signed by Achike Chude, national secretary, the union said it viewed the NBC’s notice released on 17th April with “grave concern and utter disappointment.”
It said the directive, which warned broadcasters to ensure “strict and uncompromised compliance,” was “nothing short of a veiled attempt to gag the media and institutionalise censorship.”
The union argued that the NBC’s warning against anchors expressing “personal opinions” interferes with newsroom decisions.
“Journalism, particularly in the realm of current affairs and political analysis, requires robust engagement,” the NUJ said.
It added, “To strip presenters of their right to analyze and contextualise news is to reduce the Nigerian media to a mere mouthpiece.”
The NUJ also faulted what it called vague rules and harsh penalties.
It said classifying such actions as offenses punishable by fines or suspension creates “a chilling effect.”
According to the statement, “This regime of fear encourages self-censorship, where journalists are too afraid to ask tough questions.”
Citing Section 39 of the 1999 Constitution, the union stressed that freedom of expression includes “the freedom to hold opinions and to receive and impart ideas and information without interference.”
It added, “The NBC Code cannot and must not be used to override the supreme law of the land.”
The NUJ called for dialogue instead of threats and urged journalists to remain “resolute, professional, and fearless.”
It said, “The media is the watchdog of society, not the lapdog of the government.”
Fela Anikulapo-Kuti, simply known as Fela, legendary Nigerian musician, has made history as the first African artist to be inducted into the Rock & Roll Hall of Fame.
Fela
This is coming after he was posthumously honored with the 2026 Grammy Lifetime Achievement Award, becoming the first African artist to receive this prestigious special merit recognition.
Fela will be honoured in the early influence category this year, along with Queen Latifah, rapper MC Lyte, country rocker Gram Parsons, and Cuban singer Celia Cruz at this year’s Rock and Roll Hall of Fame event.
The honorees were revealed on Monday night in the US, during an airing of American Idol.
Sade Adu, Nigerian-born British singer, will be honoured in the performance category.
However, Shakira, Mariah Carey, Lauryn Hill, New Edition, and Pink, missed out on the final cut despite being nominated.
Over 1,200 artists, historians and music industry professionals voted to decide the honorees.
The induction ceremony will be held on 14 November at the Peacock Theatre in Los Angeles.
Ecobank in Talks with Bank of China for Direct Yuan Settlement
Cross River State Isolates 10 More Persons with COVID Symptoms
Vivo, Credit Direct Ink Agreement on Smartphone Credit Purchase
Government, Industrial Sectors became the Primary Targets for Cybercriminals in 2025 – Report
The Visibility Trap
NBC Boss Urges Content Ceators to Participate in DSO
NITDA Takes Over National Digital Architecture System
FG Shifting Focus to “Meaningful Connectivity” to Drive Inclusion – Minister
Jury Finds Meta, Google Liable for Woman’s Social Media Addiction
Microsoft Revamps Copilot in Workplace AI Push
E-Business2 days agoCIBN Allegedly Hit by 250GB Data Breach
E-Financial2 days agoFlutterwave Dismisses Reported $75m Investment by FG
E-Business2 days agoNigeria @ Risks Losing Digital Control- NiRA
Telecom2 days agoNigeria Moves to Curb Fraud as NCC, CBN Seal Consumer Protection Pact
E-Business2 days agoKaspersky MDR Introduces Major Updates, Strengthening Detection and Investigation Capabilities
Telecom2 days agoFCCPC Denies Banning Airtime, Data Borrowing Services in Nigeria
News2 days agoBOI, RMRDC Seal MoU to Address Agric Value Chain Challenges, Boost Nigeria’s GDP
Broadcasting2 days agoNUJ Accuses NBC of Attempting to Gag Media, Demands Dialogue