First City Monument Bank (FCMB) and Unilever have partnered Psaltry International to empower 10,000 rural farmers.
The partnership will enhance the delivery of Africa’s first cassava-based Sorbitol Factor.
To this end, sorbitol factory, constructed by Psaltry International Limited (PIL) in partnership with FCMB and Unilever Nigeria, has been commissioned by the governor of Oyo state, Seyi Makinde, in Iseyin, Oyo state.
Speaking at the commissioning of the factory, governor Makinde said: “this is another value addition to Cassava which Oyo state is known to produce in large quantities. We are glad that the strategies adopted to boost agribusiness in the state are yielding the desired results. We believe there cannot be urban transformation without rural development. Our government is in full support of Psaltry International Company Limited.”
Describing the economic impact of the Sorbitol factory, the founder/CEO, Psaltry International, Oluyemisi Iranloye, said: “landing the factory is a journey of courage, resilience, and boldness to excel in the world’s cassava value chain beyond the norm.
“The aim is to reduce the challenges facing manufacturers who import Sorbitol into Nigeria, a product that is 90 per cent major ingredient in toothpaste and pharmaceutical syrup production.
“In addition to employment opportunities for youths and farmers, the factory will directly impact a minimum of 100,000 people around the host community. It will also save Nigeria about $10 million per annum in foreign exchange.”
“Commenting on the development, the managing director of FCMB, Yemisi Edun, restated the commitment of the bank to food security and import substitution in Nigeria by growing its lending to the agricultural sector from â‚¦53.6 billion in half-year 2021 to â‚¦87.9 billion by half-year 2022, representing a 16.5% growth.
According to her: “We are proud to have financed the first Cassava-based Sorbitol factory in Africa and excited that it has come on stream. It is another example of our commitment to developing domestic industries and reducing reliance on foreign imports. Doing this helped create employment and improve income levels, particularly for youths and women around Iseyin in Oyo state, thereby reducing rural-urban migration.”