Psaltry International Company, a major cassava processor in Iseyin, Oyo State, has reiterated its commitment to fostering a sustainable agribusiness environment that supports cassava farmers and nearby communities. The company, through its CEO Yemisi Iranloye, emphasized its dedication to delivering substantial benefits to out-growers and local stakeholders, highlighting that farmers have received access to loans, cassava stems, and other essential inputs valued at over 600 million units.
The announcement came in response to a media report alleging delayed payments and non-transparent practices by Psaltry. Iranloye refuted these claims, clarifying that the company has adhered to an established payment plan outlined in a longstanding memorandum of understanding. She stressed that Psaltry purchases over N1 billion in cassava from various supplier segments annually, benefiting farmers and their communities.
According to Iranloye, accusations of misconduct are “”mischief-making,”” misrepresenting the company’s efforts. “Our 15-year journey,” she stated, “has been grounded in sustainable agriculture and responsible business practices, which are reflected in our partnerships and contributions to the community. Source- This DayLive
Expert Review for Agri-Food Stakeholders
Psaltry International Company has established itself as a leading example of sustainable agribusiness within Nigeria’s cassava industry, fostering a value chain that benefits both its operations and the communities it serves. By empowering out-growers with vital resources, building transparent partnerships, and addressing community concerns, Psaltry sets a progressive standard for responsible agribusiness. This approach has enhanced economic stability for local farmers while fostering trust and collaboration across its supply chain. As agribusiness stakeholders, policymakers, and investors explore ways to drive regional development, Psaltry’s model presents a valuable case study on how profitability and social impact can work hand in hand.
Below are key points highlighting Psaltry International’s commitment to a sustainable agribusiness ecosystem:
Commitment to Sustainable Agribusiness in Nigeria:
Psaltry International’s focus on sustainable agribusiness practices sets an advanced model for cassava-based value chains in Nigeria, helping create a balanced ecosystem that benefits both the business and local communities.
This approach aligns profitability with community engagement, emphasizing long-term, positive impact over short-term gains.
Support for Out-Growers:
By providing out-growers with essential resources, including high-yield cassava stems and access to financial support, Psaltry empowers smallholder farmers, boosting their productivity and economic stability.
The support directly addresses common challenges faced by smallholders—limited access to quality inputs and financing—thereby enhancing their yields and overall profitability.
Enhanced Pathway to Agribusiness Growth:
For agri-food stakeholders, Psaltry’s model showcases a stable path for growth, where supply chain actors, from smallholder farmers to processors, can work together to improve yields, ensure fair pricing, and sustain economic viability.
This collaborative framework creates a resilient supply chain that can adapt to market changes while maintaining mutual benefits for all parties involved.
Transparency and Trust in Business Operations:
In response to recent criticism about payment delays and transparency, Psaltry underscores the importance of trust, consistency, and transparency in its relationships with suppliers and community partners.
By adhering to a structured payment plan, Psaltry aims to uphold a reliable partnership model, reassuring suppliers through a Memorandum of Understanding that sets clear expectations.
Importance of Communication and Clarification:
Maintaining open communication channels and promptly addressing concerns about payment and transparency helps mitigate risks of misinformation or distrust within the community.
Clarifying misunderstandings, particularly when allegations are raised, reinforces Psaltry’s image as a trustworthy business, enhancing supplier loyalty in a competitive market.
Psaltry as a Case Study in Responsible Agribusiness:
For investors, policymakers, and other industry players, Psaltry’s commitment to sustainable and responsible practices serves as an instructive model, highlighting how agribusinesses can balance profit-making with local community welfare.
Psaltry’s efforts demonstrate the potential of agribusiness to positively impact regional economic development, encouraging other companies to adopt similar practices for sustainable growth.
Economic Development and Community Empowerment:
Psaltry’s engagement with local farmers and its contributions to the regional economy underscore the role of agribusiness in poverty reduction and rural development.
By improving farmers’ income and empowering local communities, Psaltry plays a critical role in fostering economic self-sufficiency and growth within rural Nigeria, exemplifying the positive societal impact of sustainable agribusiness models.
In conclusion, Psaltry’s model highlights a sustainable and scalable approach to agribusiness in Nigeria, combining profitability with proactive community support. This commitment not only strengthens its own market position but also contributes to the broader economic development and stability of rural areas, offering a blueprint for similar businesses across Africa’s agri-food sector.”
