‘Nigeria to start methanol production soon’
• Minister unveils development policy
The Minister of Science and Technology, Dr. Ogbonnaya Onu, has stated that Nigeria will start producing methanol in commercial quantity soon.He said this at the world media briefing to launch the Methanol Development Technology Policy in Abuja during the week.
At the event, he unveiled the Methanol Development Technology Policy, saying it was in line with international resolutions, including the Paris Agreement.
According to him, during the 74th United Nations General Assembly (UNGA) recently, President Muhammadu Buhari pledged Nigeria’s determination to comply with international resolutions on environmental protection and reduction of gas emissions.Onu stressed the importance of methanol, whose composition is environmentally friendly and costs less than other sources of natural energy, to Nigeria.
The minister further said the policy was aimed at further expanding the nation’s chemical industry and help in the chemical value-chain feedstock, to produce adhesives and useful gasses.
“This policy will create a more investment-friendly environment, especially in the oil and gas sub-sector,” he added. Disclosing that the country is sitting on 199.09 trillion cubic feet of proven reserves, according to Department of Petroleum Resources (DPR) Annual Report in 2017, he assured that it would immensely turn around the country’s economic fortunes.
“The policy will further expand the chemical industry value chain, by replacing kerosene as household cooking fuel, contribute to effective transportation system, mitigate climate change, improve electricity generation, and grow the economy.” “He, therefore, appealed to foreign investors to take advantage of the methanol development policy to invest and build industries around the methanol value chain, create job opportunities and drive the diversification policy of the Buhari administration.