December 2, 2022



FCMB, Unilever accomplice Psaltry Int’l to empower 10,000 rural farmers

Africa’s first cassava-based sorbitol manufacturing unit, constructed by Psaltry Worldwide Restricted (PIL) in partnership with First Metropolis Monument Financial institution (FCMB) and Unilever Nigeria, has been commissioned at a powerful ceremony by the Governor of Oyo State, His Excellency, Seyi Makinde, in Iseyin, Oyo State.

Talking on the commissioning of the manufacturing unit, Governor Makinde stated:

“That is one other worth addition to Cassava which Oyo State is thought to supply in giant portions. We’re glad that the methods adopted to spice up agribusiness within the state are yielding the specified outcomes. We imagine there can’t be city transformation with out rural improvement. Our authorities is in full help of Psaltry Worldwide Firm Restricted”.

Describing the financial affect of the Sorbitol manufacturing unit, the Founder/CEO, Psaltry Worldwide, Mrs Oluyemisi Iranloye, stated, “This manufacturing unit which is the primary of its sort in Africa is projected to create 25,000 direct and oblique jobs whereas empowering 10,000 rural farmers and households residing inside an 80km radius masking greater than 20 host communities round Oke-Ogun in Iseyin, Oyo State. The manufacturing unit, which can produce 24 tons of Cassava-based Sorbitol every day, was financed by FCMB by the Central Financial institution of Nigeria’s Industrial Agriculture Credit score Scheme and has Unilever as the most important off-taker as a part of its localisation of uncooked supplies for manufacturing”.

Commenting on the event, the Managing Director of FCMB, Mrs Yemisi Edun, restated the dedication of the Financial institution to meals safety and import substitution in Nigeria by rising its lending to the agricultural sector from ₦53.6 billion in half-year 2021 to ₦87.9 billion by half-year 2022, representing a 16.5% progress.

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In accordance with her: “We’re proud to have financed the primary Cassava-based Sorbitol manufacturing unit in Africa and excited that it has come on stream. It’s one other instance of our dedication to growing home industries and lowering reliance on overseas imports. Doing this helped create employment and enhance revenue ranges, notably for teenagers and girls round Iseyin in Oyo State, thereby lowering rural-urban migration.” 

On his half, the Managing Director, Unilever West Africa, Carl Cruz, stated, “Unilever is happy to be a part of this initiative in keeping with its localisation agenda to supply uncooked supplies domestically in Nigeria. With our sustained funding on localisation, we have now enhanced the capability of companions to extend their manufacturing output in sorbitol and cassava starch. “