The Federal Government says it would create millions of new jobs from the country’s 206.53 trillion cubic feet proven gas reserve.
This was disclosed by Minister of Science, Innovation and Technology, Dr. Ogbonnaya Onu.
The minister spoke, in Abuja, at the sensitisation on methanol fuel production technology.
Te maintained that the federal Government was also working to find solutions to the stoppage of gas flaring to achieve environmental sustainability, adding that captains of chemical industries are aware that the chemical industry is one of the least developed in the country, as virtually all the chemicals used in Nigerian factories are imported.
He said a methanol-driven economy was beneficial because it could be blended with PMS (petrol) at 15 per cent methanol and 85 per cent PMS and used in vehicles without requiring any significant modification.
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“This explains why we must adopt a different approach in the development of methanol fuel technology policy. God blessed us with abundant natural resources.
“We exploited them in their raw state and never added value. This reduced revenue generation, stagnated job creation, aggravated poverty in the country and weakened both our currency and economy.
“We must prepare our economy to effectively cope with the inevitable post crude oil era that must come. 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 on the world.
“The sole aim of the FMSTI is to utilise Science, Technology and Innovation as a catalyst to achieve sustainable economic development. Innovation is at the heart of our ability to find solutions that are economically, environmentally and socially sustainable.’
“And that is why Methanol-driven economy is beneficial in the following areas: job creation, technology development and domestication, electricity generation, clean household energy services, chemical industry value chain, reduction in pulmonary diseases among women and children, efficient transportation services, stoppage of gas flaring and achieving environmental sustainability.
“The essence of the sensitisation 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.
“All these and many more will be achieved while the environment is well protected and managed.
“Captains of chemical Industries are aware that the chemical industry is one of the least developed in the country, as virtually all the chemicals used in our factories are imported.
“With the introduction of Methanol, manufacturers will use it as a feedstock for several product lines. As a fuel in the transportation sector, it is cheaper than PMS (Petrol), friendly to the environment, has higher octane rating, and enhances performance of vehicles. Furthermore, Methanol can be blended with PMS (petrol) at 15 per cent Methanol and 85 per cent PMS. This blend can be used in all vehicles without requiring any significant modification.”