Post by Trade facilitator on Aug 16, 2022 22:53:37 GMT 1
Sorbitol Factory: How CBN Funded The First Sorbitol Factory In Nigeria And The Second In The World
There is no gainsaying the fact that these times require initiatives that require high impact economic activities with the capacity to create millions of jobs in the shortest possible time.
Government at all levels; Federal, State and local agree that agriculture constitutes the only venture that requires the lowest investment in scarce resources which can be tapped to address the monster of youth unemployment in the short run.
Government has also been talking about the need to refocus the economy away from its dependence on volatile oil revenues. There is an urgent need to take the country away from its dependence on crude oil sales.
In support of its commitment to Fund Focal Commodities to Strengthen the Naira in these difficult times for the nation; the CBN has funded this factory we are discussing today.
The Central Bank of Nigeria (CBN), has assured the nation once again of its commitment to continue to fund 12 focal commodities through its Commodity Development Initiative (CDI).
Which are the 12 focal commodities of the Federal Government of Nigeria (FGN)?
They are the following:
1. Rice
2. Maize
3. Cassava
4. Cotton
5. Wheat
6. Tomato
7. Poultry
8. Fish
9. Sorghum
10. Oil palm
11. Cocoa
12. Livestock/Dairy.
This initiative is aimed at conserving foreign exchange through import reduction and boosting local production. The plan is to close the existing supply gap of agricultural commodities with comparative advantage, as well as job and wealth creation to boost the economy.
Here comes Psaltry International Company Limited. The company is a beneficiary of the Commercial Agriculture Credit Scheme (CACS), one of the CBN’s interventions aimed at fast-tracking the development of the agricultural sector of the Nigerian economy by providing credit facilities to commercial agricultural enterprises at a single-digit interest rate.
A Deputy Director at CBN and Secretary to the Board of Agricultural Credit Guarantee Scheme (ACGS), Mr Edwin Nzelu, made this known recently, during the inauguration of the first cassava-based sorbitol factory in Nigeria, Africa and the second in the world owned by Psaltry International Limited. The factory is located in Alayide Village, Ado-Awaye, Oyo State, Nigeria.
Describing the socio-economic impact of the Sorbitol factory, the Founder/CEO, Psaltry International, Mrs Oluyemisi Iranloye, said, “this factory which is 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 is expected to produce twenty-four (24) metric 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 localization of raw materials for production.
Also called sugar alcohol, Sorbitol is used to preserve moisture, add sweetness, provide texture to products, and potentially support digestive and oral health.”
The Basics Of Sorbitol
Sorbitol is a type of carbohydrate called a sugar alcohol, or polyol, which are water-soluble compounds that occur naturally in many fruits and vegetables around the world. Sorbitol is also commercially produced from glucose for use in packaged foods and beverages industries to provide sweetness, texture and moisture retention.
The safety of Sorbitol has been reviewed and confirmed by health authorities around the world. They include; the World Health Organization (WHO), the European Union (EU), and the countries of Australia, Canada and Japan. The U.S. Food and Drug Administration (FDA) also recognize sorbitol as being safe to consume.
Some Important Highlights Of Sorbitol
Sorbitol is a type of carbohydrate called a sugar alcohol, or polyol.
It contains about one-third fewer calories than the normal sugar and is 60 percent as sweet.
Sorbitol occurs naturally in a variety of berries and fruits (e.g., apples and blackberries).
It is also commercially produced and is the most commonly used polyol in the U.S.
Sorbitol’s safety has been confirmed by global health authorities.
When Sorbitol is eaten in excessive amounts, it can cause gastrointestinal discomfort.
Stay with us as we bring to you more on Sorbitol in our subsequent articles.
Our company is one of the best companies in Agro-Export Business in Nigeria today. We train individuals and corporate organizations on how to do Export Business the right way; if you are interested, please contact the admin of this forum now for further details.
There is no gainsaying the fact that these times require initiatives that require high impact economic activities with the capacity to create millions of jobs in the shortest possible time.
Government at all levels; Federal, State and local agree that agriculture constitutes the only venture that requires the lowest investment in scarce resources which can be tapped to address the monster of youth unemployment in the short run.
Government has also been talking about the need to refocus the economy away from its dependence on volatile oil revenues. There is an urgent need to take the country away from its dependence on crude oil sales.
In support of its commitment to Fund Focal Commodities to Strengthen the Naira in these difficult times for the nation; the CBN has funded this factory we are discussing today.
The Central Bank of Nigeria (CBN), has assured the nation once again of its commitment to continue to fund 12 focal commodities through its Commodity Development Initiative (CDI).
Which are the 12 focal commodities of the Federal Government of Nigeria (FGN)?
They are the following:
1. Rice
2. Maize
3. Cassava
4. Cotton
5. Wheat
6. Tomato
7. Poultry
8. Fish
9. Sorghum
10. Oil palm
11. Cocoa
12. Livestock/Dairy.
This initiative is aimed at conserving foreign exchange through import reduction and boosting local production. The plan is to close the existing supply gap of agricultural commodities with comparative advantage, as well as job and wealth creation to boost the economy.
Here comes Psaltry International Company Limited. The company is a beneficiary of the Commercial Agriculture Credit Scheme (CACS), one of the CBN’s interventions aimed at fast-tracking the development of the agricultural sector of the Nigerian economy by providing credit facilities to commercial agricultural enterprises at a single-digit interest rate.
A Deputy Director at CBN and Secretary to the Board of Agricultural Credit Guarantee Scheme (ACGS), Mr Edwin Nzelu, made this known recently, during the inauguration of the first cassava-based sorbitol factory in Nigeria, Africa and the second in the world owned by Psaltry International Limited. The factory is located in Alayide Village, Ado-Awaye, Oyo State, Nigeria.
Describing the socio-economic impact of the Sorbitol factory, the Founder/CEO, Psaltry International, Mrs Oluyemisi Iranloye, said, “this factory which is 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 is expected to produce twenty-four (24) metric 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 localization of raw materials for production.
Also called sugar alcohol, Sorbitol is used to preserve moisture, add sweetness, provide texture to products, and potentially support digestive and oral health.”
The Basics Of Sorbitol
Sorbitol is a type of carbohydrate called a sugar alcohol, or polyol, which are water-soluble compounds that occur naturally in many fruits and vegetables around the world. Sorbitol is also commercially produced from glucose for use in packaged foods and beverages industries to provide sweetness, texture and moisture retention.
The safety of Sorbitol has been reviewed and confirmed by health authorities around the world. They include; the World Health Organization (WHO), the European Union (EU), and the countries of Australia, Canada and Japan. The U.S. Food and Drug Administration (FDA) also recognize sorbitol as being safe to consume.
Some Important Highlights Of Sorbitol
Sorbitol is a type of carbohydrate called a sugar alcohol, or polyol.
It contains about one-third fewer calories than the normal sugar and is 60 percent as sweet.
Sorbitol occurs naturally in a variety of berries and fruits (e.g., apples and blackberries).
It is also commercially produced and is the most commonly used polyol in the U.S.
Sorbitol’s safety has been confirmed by global health authorities.
When Sorbitol is eaten in excessive amounts, it can cause gastrointestinal discomfort.
Stay with us as we bring to you more on Sorbitol in our subsequent articles.
Our company is one of the best companies in Agro-Export Business in Nigeria today. We train individuals and corporate organizations on how to do Export Business the right way; if you are interested, please contact the admin of this forum now for further details.
