In order to boost the country’s economy, the federal government has promised to provide intervention funds to further accelerate the advancement of methanol fuel technology. At a recent roundtable discussion with the Abuja Chamber of Commerce and Industry (ACCI) under the theme “Enhancing Business Opportunities for a Methanol-driven Economy,” Minister of Science, Technology, and Innovation Sen. Adeleke Mamora made this announcement while explaining further that this decision would open the way for national innovation and development.
Friday’s event which was held in Abuja was organized by the Ministry of Science, Technology, and Innovation to engage the business community in a discussion about the feasibility studies for the broad use of methanol fuel technology. According to Senator Mamora, this plan is right in line with President Buhari’s 100 million job creation mandate from earlier this year. Moreover, he stressed the importance of tapping into the vast potential of the industrialization of methanol’s value chain.
Adopting methanol fuel will improve socio-economic growth.
The minister further emphasized the constitutional responsibility of the Federal Government to enable and promote research of this technology with resources and inventiveness, even as he highlighted the manifold benefits of adopting methanol fuel in this nation. According to him, the key benefits of this include an increase in the available supply of electricity, a reduction in the amount of carbon footprint caused by transportation, and the production of more than 40 million new employment opportunities.
Moreso, he affirmed that the Federal Ministry of Science, Technology, and Innovation has taken on a variety of programmes and activities to strengthen the national efforts to combat climate change as part of its steadfast commitment to leverage technologies for the socio-economic growth of Nigeria. He mentioned that the National Technology Needs Assessment and the Associated Action Plan for Climate Change Mitigation and Adaptation in Nigeria’s highly affected economic sectors are part of the measures that the Ministry has taken.
Green industrialization and job creation will be achieved.
Also, he mentioned the presentation of the National Technology Action Plan (NTAP), which was given to the Federal Executive Council for approval on May 3, 2023, which was a significant step forward in the process of achieving the objective. Sen. Mamora continued by stating that these projects will offer solutions to Nigeria’s pursuit of green industrialization, significant job creation, and combating the impact of climate change, with the ultimate goal of achieving a net-zero position by the year 2060.
It was further revealed that other noteworthy initiatives, such as piloting the deployment of modern hydrogen fuel cells technology with methanol as feedstock for energy production in Nigeria. In addition, a memorandum of understanding (MoU) was signed between a South African company and a Nigerian company to facilitate the transfer of knowledge and skills and a GEF grant of $2 million was made available to aid in the expansion of technological start-ups. He also noted that the Federal Government had contributed an additional sum of $2.7 million.
Methanol production is an alternative energy source.
Lastly, Al-Mujtaba Abubakar, head of the Abuja Chamber of Commerce and Industry (ACCI), suggested the country may benefit from increasing its methanol production as an alternative energy source. He advocated that Nigeria use its natural gas reserves to facilitate economic growth and development. Continuing on, he listed many of methanol’s advantages, such as its contribution to the economy and decreased incidence of pulmonary diseases in women and children, its role in the chemical industry value chain, its role in providing clean household energy services, its efficiency in transportation, and its potential to put an end to gas flaring.