Local Production of Sorbitol will strengthen naira, says CBN.
Newsonline reports that the Central Bank of Nigeria (CBN) has said local production of cassava-based Sorbitol would strengthen the Naira.
The Apex bank body noted that the production of Sorbitol would also help to reduce unemployment and overreliance on importation of the product, which is a natural sweetener extracted from glucose that drives agricultural revolution.
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Speaking on behalf of CBN during the inauguration of the first cassava-based Sorbitol factory in Africa, Psaltry International Company Ltd, located at Ado-Awaye in Oke-Ogun area of Oyo State, the Director, Development and Finance department, Mr. Yusuf Yila, represented by Mr. Edwin Nzelu a deputy director in the department, said the apex bank funded the project.
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Yila said the project was part of the bank’s developmental function, adding that Psaltry was one of the beneficiaries of CBN commodity development initiative, which he recalled was started in 2019 with 12 focal commodities, including cassava.
The Chief Executive Officer of Psaltry, Mrs. Oluyemisi Iranloye, said the company would create job for 10,000 youths in the community, adding that it would also indirectly impact on 100,000 people within 200km radius to the factory, covering more than 50 communities.
