Lagos — Flour Mills of Nigeria Plc said it will invest N7 billion on a new 500 metric ton per day edible oil extraction and refining facility in Ibadan.

The company said in a statement signed by Paul Gbededo, Head of Flour Mills, Agro-Industrial Division, that the latest investment constitutes the second phase of a three-stage investment programme of more than N20 billion in the cultivation and extraction of edible oil from soybean and oil palm.

The first stage involved the expansion of the company's soybean cultivation in Kaboji, Niger State and the purchase of an existing oil extraction and refining business in Ibadan.

The second stage is the commissioning of a new plant to double the extraction capacity. The extracted crude oils will be refined at 400 metric tons per day.