Daily Archives: June 26, 2017

Local cassava firm fills void left by drop in raw materials imports

PSALTRY International Company Limited, an Oyo State-based grower and processor of high-grade cassava starch is filling a void left by a drop in imports of raw materials used by local beverage companies and other Fast Moving Consumer Goods (FMCG) firms. The drop in imports has created a surge in demand for local cassava starch which is a close substitute of maltose, an ingredient used in beverages and other products. The surge in local demand was caused by a high dollar exchange rate precipitated by low oil price, a situation that has forced many local manufacturers to abandon imports of raw materials with local substitutes.