First City Monument Bank is in partnership with Africa’s cassava-based sorbitol factory constructed by Psaltry International Limited and Unilever Nigeria to create over 10,000 jobs in Oyo State
Speaking at the commissioning of the factory, Oyo State Governor, Seyi Makinde,said, “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.”
Speaking on the economic impact of the Sorbitol factory, the Founder and Chief Executive Officer, Psaltry International, Mrs Oluyemisi Iranloye, said, “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.
“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. It will also save Nigeria about $10m per annum in forex.”
While commenting on the development, the Managing Director, FCMB, Mrs Yemisi Edun, expressed the commitment of the bank to food security and import substitution in Nigeria by growing its lending to the agricultural sector from N53.6bn in half-year 2021 to N87.9bn by half-year 2022, representing 16.5 per cent growth.
“We are proud to have financed the first cassava-based Sorbitol factory in Africa and excited that it has come on stream. Doing this helped create employment and improve income levels, particularly for youths and women around Iseyin in Oyo State, thereby reducing rural-urban migration.”
The Managing Director, Unilever West Africa, Carl Cruz, said, “Unilever is pleased to be part of this initiative in line with its localisation agenda to source raw materials locally in Nigeria. With our sustained investment on localisation, we have enhanced the capacity of partners to increase their production output in sorbitol and cassava starch.”