In line with experts’ recommendation for Nigeria to increase its production base and reduce import bills, amid shortage of foreign exchange, Africa’s first and world’s second largest Cassava-Based Sorbitol plant has been commissioned in Oyo State.
The laudable project was built by Psaltry International and funded by the Federal Government through the Central Bank of Nigeria (CBN)’s Commercial Agriculture Credit Scheme (CACS), aimed at fast-tracking development of the agricultural sector by providing credit facilities to commercial agricultural enterprises at a single digit interest rate.
Before now, China, India and Turkey have been Nigeria’s major suppliers of sorbitol imported by toothpaste, cosmetics and pharmaceutical companies in the country.
The project, AgroNigeria gathered, is the expansion of an existing cassava processing plant located in the same premises, following the ban on importation of starch.
Psaltry’s investment in the cassava plant is saving Nigeria $20m annually as all relevant companies were forced by the Federal Government to patronise the firm, AgroNigeria gathered.
Speaking at the commissioning ceremony, Psaltry’s Chief Executive Officer, Oluyemisi Iranloye, said the company would create jobs for 10,000 youths in the community and indirectly impact 100,000 people within 200km radius to the factory, covering more than 50 communities.
“The factory has the capacity to produce 25 tonnes of sorbitol per day. Nigeria is one of the largest importers of sorbitol. There is a lot of pressure on corn; except we have a perfect substitute, cassava can produce more than 300 products for Africans, providing job opportunities,” Iranloye added.
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