The federal government has intensified efforts to improve methanol fuel-driven economy to boost job creation in the country especially as the nation prepares for a post- crude oil era.
Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu said this in his address at public sensitisation of the National Policy on Methanol fuel production technology, through a road show tagged “Creating Jobs and Diversifying the Economy” which was launched in Abuja yesterday.
The minister, who noted that introducing Methanol fuel in the country will create over 40 million jobs and more wealth to the nation, said it has become imperative for Nigeria to add value to the nation’s abundant natural resources, which had been exploited in crude form for so long.
Methanol fuel is an alternative bio-fuel for internal combustion and other engines, either in combination with gasoline or independently, which is less expensive to produce sustainably than other fuel.
The methanol fuel technology policy, was developed jointly with the Federal Ministry of Transport, Finance, Petroleum, Agriculture, Power, Environment among others.
Methanol technology the minister said is a fuel with lower risk of flammability compared to gasoline and other products. He added that with methanol oil, the ministry is set to add value to the country’s natural resources by the use of science, technology and innovation to reduce the impacts of stagnated job creation, aggravated poverty and weak currency, which have for long been the crises bedeviling the country.
“The ministry wants to make sure that the limitations we suffered as a nation in the exploration of crude oil, where we failed to domesticate the technology does not happen with Methanol. We want to domesticate the methanol technology in the country such that in the future, Nigerian scientists and engineers, in line with the Presidential Executive Order No 5, will develop entrepreneurs and businesses that can compete with the best in the world.
Methanol technology the Minister said is a fuel with lower risk of flammability compared to gasoline and other products adding that with the introduction of Methanol, manufacturers will use it as a feedstock for several product lines.
Earlier, the Director of Environmental Science Technology in the Ministry, Dr. Peter Ekweozor, said that strategies have been put in place to source for funding to boost the Methanol Fuel Technology value chain.
He added that this technology will boost Nigeria’s socio-economic fortunes.