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Flour Mills of Nigeria to cut capex as economy falters
LAGOS (Reuters) – Flour Mills of Nigeria expects to cut capital expenditure by almost half this year, down from 40 billion naira a year ago, as the slowdown in the economy, caused by the oil price collapse and the weakening naira, hurts consumer spending. Chairman John Coumantaros told Reuters Africa Investment Summit that Flour Mills had spent around $750 million over the past 3-5 years to build capacity but would expected to spend around 19…
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