Makinde Inaugurates First Private Cassava-Based Factory in Ado Awaye

Oyo State Governor, Engineer Seyi Makinde has commissioned the first Cassava-based Sorbitol Factory in Africa, Psaltry International Limited.

The project located in Alayide Village, Ado-Awaye was funded by the Central Bank of Nigeria,CBN.

Speaking at the commisioning ceremony, Governor Makinde said his government would continue to provide an enabling environment for businesses to thrive in the state.

Governor Makinde, who also announced the approval of the reconstruction of the 48- kilometre Ido-Eruwa road said that his administration’s commitment to reducing the infrastructure deficit in the state remains a top priority.

The governor added that apart from the planned reconstruction of Ido-Eruwa Road, the state government would also embark on the rehabilitation of feeder roads across the state to ease movement within the cities, towns and communities and across the state.

In a keynote address, the Director, Development and Finance Department, Central Bank of Nigeria, Mr Yusuf Yila,.explained that funding of the project was part of the CBN developmental function.

Mr Ayila who spoke through the Deputy Director, Development and Finance Department,CBN, Mr Edwin Nzelu noted that the company was one of the beneficiaries of CBN Commodity Development Initiative (CDI) initiated in 2019 with twelve focal commodities including cassava.

He said the initiative was aimed at conserving foreign exchange through import reduction, boosting local production, thereby closing the exiting supply gap of commodities with comparative advantage, as well as job and wealth creation.

The CBN director said the apex bank has various interventions for small scale farmers which did not require administrative bottleneck.

The Chief Executive Officer (CEO) of the company, Mrs Oluyemisi Iranloye said that the company would create job for 10,000 youths in the community and with the capacity to produced 25 tons of sorbitol per day which is a naturally occurring sweetner that is extracted from glucose.

In a remark, Nigeria’s former president, Chief Olusegun Obasanjo, who was represented by his wife, Mrs. Bola Obasanjo, commended governor Makinde for implementing policies that encourage agribusiness,urging the governor to continue to encourage mechanised farming.

Iyabo Adebisi

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