Flour Mills of Nigeria Plc, a food and agro-allied company, reported a 49 per cent increase in revenue to N2.3tn for the year ending March 31, 2024, compared to N1.5tn in the previous year.
The Central Bank of Nigeria (CBN) report revealed that capacity utilisation in the food and beverages sector fell to 49% from 61% in the corresponding period in 2022, indicating a 20 percentage point decline. As a result, they suggested that the output levels have been declining steadily since mid-last year.
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