Glucose syrup is an important raw material in the food, confectionery and pharmaceutical industries. Presently, local production cannot meet the demand, hence, the local requirement is being met through importation.
The economic viability of the project is not in doubt as cassava worth N40,000 will produce syrup of almost N150,000. The project is also technically feasible as production process is simple and can be managed by locally available manpower. The major raw materials for the production of glucose syrup is cassava. Cassava is available in large quantity in Nigeria, as our production is more than 40 million metric tons annually.
Currently, there is glut in cassava market in Nigeria, establishment of this project will be a welcome relief to farmers who have been looking for outlets for their farm products. Raw materials for the project is therefore, guaranteed. The project will among others achieve rural development, technological growth, reduction in social vices and self reliance.
Technical information
Glucose syrup production involves washing, peeling and rasping of cassava tubers. This is followed by de-watering and drying. The cassava flour obtained can now be mixed and blended with either malted rice, sorghum or barley, or maize and the mixture undergoes the process of enzyme reaction where it is converted to glucose. Syrup is later extracted through the process of filtration and now collected and packaged in appropriate packaging system.
Implementation procedure involves feasibility study preparation, plant and machinery sourcing and installation at the appropriate factory site, recruitment and training of personnel and commercial take-off.
Serious minded, ready and genuine investors can be assisted in the establishment of the project.
Genuine, ready and serious minded investors can be packaged to meet requirements of banks.
Profitability analysis.
Daily revenue of N200,000 can be generated from this project. Total cost of production has been calculated to be N120,000 per day. Daily net income of N80,000 is achievable. Working for 200 days in a year, Net income of N16 million can be realised by prospective investor.
OLUMAKINDE ONI Tel: 080-23058045, E-mail: [email protected].
