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Methanol Driven Economy: Ministry Moves to Fast-track Funding Opportunities for Nigerian Investors

By Hillary Asemota

The Federal Government through the Ministry of Science Technology and Innovation (FMSTI) has revealed that it has started fast-tracking funding opportunities for Nigerian investors and the Organised Private Sector (OPS) to advance the deployment of methanol fuel technology in the country.

This move, EXTRAORDINAIRE.com learnt, will open the flood gate for Nigeria’s national development as it will provide alternative power needs for Nigerians.

The Minister supervising the Ministry Dr. Adeleke Olorunnimbe Mamora, made the disclosure at a roundtable session it organized in conjuction with the Abuja Chamber of Commerce and Industry (ACCI), in Abuja. 

The event, which is titled: “Enhancing Business Opportunities for a Methanol-Driven Economy”, is part of ongoing dialogue with the OPS and the business community adoption of methanol fuel technology across the country.

The utilisation of methanol’s extensive value chain for industrialization, according to the Minister plays a pivotal role in achieving this ambitious goal

Reiterating government’s determination to use STI, the Minister stressed the imperative of Methanol Fuel for Nigeria’s industrialisation and national development, adding that the primary advantages include improved electricity supply, reduced carbon footprint in transportation, and the creation of over 40 million new jobs.

He said: “In its unwavering commitment to leveraging technologies for Nigeria’s socio-economic development, the Ministry has undertaken various projects and activities to bolster our national climate action.”

According to him, the presentation of the National Technology Action Plan (NTAP) has received the Federal Executive Council’s approval on May 3, 2023, adding that this plan will assist in mitigating climate change adaptation.

He explained that other significant endeavours, include piloting the deployment of cutting-edge hydrogen fuel cells technology using methanol as feedstock for electricity supply in Nigeria, signing a memorandum of understanding (MoU) between a South African and a Nigerian company for technology and skills transfer, and supporting the scaling up of technological start-ups through a $2 million GEF grant.

He said Federal Government has also provided a counterpart fund of $2.7 million.

Mamora, stressed that these FMSTI initiatives will offer solutions to Nigeria’s pursuit of green industrialisation, massive job creation, and tackling the impact of climate change, ultimately aiming to achieve a net-zero position by 2060.

Dr. Peter Ekweozor, Director, Environmental Science and Technology (EST) at the Ministry, expressed the ministry’s commitment to create an enabling environment for the business community, OPS and ACCI members to drive methanol production.

The President, Abuja Chamber of Commerce and Industry (ACCI), Dr. Al-Mujtaba Abubakar, stated that methanol production serves as a viable alternative energy source in the country, advising that Nigeria, should leverage this resource to transform the country.

He added that the introduction of the technology will lead to job creation, technology development and domestication, electricity generation, clean household energy services, the chemical industry value chain, reduction in pulmonary diseases among women and children, efficient transportation services and cessation of gas flaring.

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