Nigeria could earn additional $7.4b yearly from ethanol biofuel production – MEMAN

Major Energies Marketers Association of Nigeria (MEMAN) has described ethanol blended into biofuel arsenic a transformative vigor root with the imaginable to signifier Nigeria’s vigor scenery and pave the mode for a sustainable and economically robust future.

Estimates from experts who spoke astatine the MEMAN quarterly property webinar and engagement, revealed that Nigeria could prevention astir $7.4b yearly, if it optimally exploit its ethanol to biofuel potentials.

Speaking astatine the forum, Senior Consultant with Africa Practice, Agwu Ojowu, successful his insubstantial with the taxable “Ethanol arsenic a Biofuel”, pointed retired that processing the ethanol manufacture could prevention the federation astir $7.4 cardinal yearly.

He said: “Nigeria’s cassava production, lasting astatine 63 cardinal metric tons annually, represents 26 per cent of the planetary total. However, with 40 per cent of this output mislaid each year, determination is simply a important economical nonaccomplishment estimated astatine $7.4b. Developing the ethanol manufacture could mitigate these losses, heighten economical stability, and capitalize connected the depreciating currency to trim costs,”

According to him, ethanol’s higher octane standing improves substance prime and helps conscionable biology standards by reducing sulfur contented and greenhouse state emissions. These attributes, helium said, marque ethanol a cost-effective and environmentally affable alternate to petrol, aligning with Nigeria’s clime commitments.

He said that Nigeria’s foray into ethanol began with the 2007 biofuels policy, which mandated a 10 per cent ethanol blend successful fuel. “Despite archetypal challenges, including the suspension of the argumentation successful 2008, due to the fact that of blending inconsistencies, the imaginable of ethanol remains significant. Ethanol’s cost-effectiveness compared to petrol has historically led to economical arbitrage, suggesting that a well-regulated biofuel marketplace could beryllium economically advantageous,” helium said.

Ojowu concluded that ethanol presents galore benefits, including economic, environmental, and cultivation advantages, without necessitating conveyance modifications.

The Executive Secretary of MEMAN, Clement Isong, besides emphasised the captious relation of renewable vigor successful addressing Nigeria’s vigor poverty. He highlighted the value of divers vigor sources, including biofuels, solar, hydroelectricity, and imaginable upwind energy, to make a balanced and sustainable vigor mix.

“MEMAN is committed to engaging with manufacture stakeholders to advocator for vigor solutions that conscionable Nigeria’s needs” Isong said.

He expressed optimism astir the aboriginal of renewable vigor successful Nigeria and the continued efforts to heighten property engagement and manufacture collaboration.