Fed Govt Seeks Foreign Investors For Methanol Fuel
The Minister of Science and Technology, Dr. Ogbonnaya Onu, has urged the international community to invest in the new Methanol Fuel Production Technology (MFPT) technology.
Speaking on Africa’s employment perspective towards 2040 at German Development Institute in Bonn, Germany yesterday, Onu said Nigeria wants local and foreign entrepreneurs as well as investors in the private sector to invest in methanol production in the country.
He appealed to investors to invest in Africa, citing the new investment-friendly visa policy and significant improvement in the ease of doing business as incentives.
He said: “Nigerian businessmen and women are showing keen interest in investing in this project, therefore all prospective investors coming into the country will have willing partners to do business with.”
According to him, the MFPT was a strategy employed by the Federal Government to diversify its economy based on natural gas reserves, thus reducing the country’s reliance on crude oil reserves.
He said: “Since the world has reduced its reliance on crude oil and emphasis is now on cleaner and renewable energy, this policy is important for Nigeria to remain relevant in exporting natural gas.
Nigeria has the ninth largest natural gas reserves in the world which is estimated to be over 200 trillion standard cubic feet.
“The new national policy on MFPT is to provide the enabling policy framework for value-addition to our natural gas resources, increase in midstream gas investment and expansion of chemical industries value-chain.
The effective implementation of the new policy will improve the standard of living of Nigerians. It will help create new jobs for both the young and the old as well as create wealth for both individuals and the nation while still protecting the environment.
“Methanol can be blended with Premium Motor Spirit (PMS) that is petrol 15per cent, methanol 85per cent can be used in all vehicles without requiring any significant modification, while the end result is a cleaner and cheaper fuel with higher performance.’’
He stressed that methanol can be used to replace diesel in the generation for electricity production, pointing out that African countries need to increase investment in research and development, science education technology and innovation in order to reap maximum benefits from the new international economic order characterised by oil price volatility, globalisation, climate change and new technologies.
