FCMB, Unilever partner Psaltry on cassava-based sorbitol factory

Governor of Oyo State, Seyi Makinde, has unveiled Africa’s first cassava-based sorbitol factory, constructed by Psaltry International Limited (PIL) in partnership with First City Monument Bank (FCMB) and Unilever Nigeria, 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, Mrs. Oluyemisi Iranloye, said: “This factory, which is the first of its kind in Africa is projected to create 25,000 direct and indirect jobs, while empowering 10,000 rural farmers and families living within an 80km radius covering more than 20 host communities around Oke-Ogun in Iseyin, Oyo State.
 
“The factory, which will produce 24 tons of cassava-based Sorbitol daily, was financed by FCMB through the Central Bank of Nigeria’s commercial Agriculture Credit Scheme and has Unilever as the largest off-taker as part of its localisation of raw materials for production.
 
More details at:
https://guardian.ng/business-services/fcmb-unilever-partner-psaltry-on-cassava-based-sorbitol-factory
​