Methanol energy technology has become the new way to look at the diversification of the Nigerian economy and create multiple job opportunities for the teeming youth of the country in a period of dwindling oil and gas revenues.
In recognition of this development, the federal government has assured that it has taken significant steps towards providing intervention funds to advance the development of methanol fuel technology for the economic development of the country.
This was disclosed by the minister of science technology and innovation, Adeleke Mamora,who also noted that the move will unlock a path for national progress and innovation.
The minister said this during a roundtable interactive session with the Abuja Chamber of Commerce and Industry (ACCI) with the theme: “Enhancing Business Opportunities for a Methanol-driven Economy.”
The event was organised by the ministry of science technology and innovation with the aim of engaging the business community to discuss the feasibility studies for the widespread adoption of methanol fuel technology in Abuja on Friday.
It was also organised to bring open ways for researchers, inventors and innovators to meet investors, with the aim to boost the sector which is very rewarding and climate-friendly.
According to Senator Mamora, this initiative aligns with President Buhari’s agenda and his recent presidential order to create 100 million jobs within a decade. The utilisation of methanol’s extensive value chain for industrialisation plays a pivotal role in achieving this ambitious goal, he added.
The minister emphasised the statutory obligation of the federal government to facilitate and deploy science, technology, and innovation, even as he reiterated the manifold benefits of introducing methanol fuel in the country.
The primary advantages he said include improved electricity supply, reduced carbon footprint in transportation, and the creation of over 40 million new jobs.
“In its unwavering commitment to leveraging technologies for Nigeria’s socio-economic development, the Federal Ministry of Science, Technology, and Innovation has undertaken various projects and activities to bolster our national climate action,” Mamora stated.
He pointed out that the initiatives taken by the ministry include the National Technology Needs Assessment and Associated Action Plan for Climate Change Mitigation and Adaptation in Nigeria’s most vulnerable economic sectors.
He also added the presentation of the National Technology Action Plan (NTAP) received by the Federal Executive Council for approval on May 3, 2023.
The minister noted that other significant endeavours, include piloting the deployment of cutting-edge hydrogen fuel cells technology using methanol as feedstock for electricity supply in Nigeria, signing a memorandum of understanding (MoU) between a South African and a Nigerian company for technology and skills transfer, and supporting the scaling up of technological start-ups through a $2 million GEF grant. The federal government has also provided a counterpart fund of $2.7 million, he added.
Mamora said further that these initiatives will offer solutions to Nigeria’s pursuit of green industrialisation, massive job creation, and tackling the impact of climate change, ultimately aiming to achieve a net-zero position by 2060.
In his remarks, the president of the Abuja Chamber of Commerce and Industry (ACCI), Dr. Al-Mujtaba Abubakar, said methanol production serves as a viable alternative energy source in the country.
He said Nigeria being abundant in natural gas deposits should leverage this resource to transition and fortify its economy.
Abubakar disclosed various benefits of methanol, including job creation, technology development and domestication, electricity generation, clean household energy services, the chemical industry value chain, reduction in pulmonary diseases among women and children, efficient transportation services and the cessation of gas flaring, among others.
This programme is in tandem with other initiatives taken by the federal government to grow productivity in diverse ways in order to add value to the Nigerian economy.
