From Charity Nwakaudu, Abuja
The Minister of Science, Technology and Innovation, Dr Ogbonnaya Onu, has said Methanol Fuel Technology will create not less than 40 million new jobs and increase national wealth if properly managed.
The minister made this disclosure at the official launch of the sensitization campaign at the Eagle Square on Tuesday in Abuja.
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.
The minister explained that methanol technology is a fuel with lower risk of flammability compared to gasoline and other products.
The minister said that with Methanol Fuel Technology, more value will be added to the country’s natural resources.
‘The essence of this sensitization exercise is to make Nigerians understand the enormous benefits of introducing methanol fuel in the country as it will help to create over 40 million new jobs and more wealth for the nation.’
He further said that the methanol technology should be domesticated, in line with the Presidential Executive Order 5, adding that this will enable our Professionals and entrepreneurs compete with the best in the world.
He stated 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.