According to Chief Uche Nnaji, Minister of Innovation, Science, and Technology, Nigeria stands to save $30 million a year by turning cassava into ethanol.
As reported by Channels TV, this declaration was made at the signing of the Memorandum of Understanding (MoU) to develop a cassava-based ethanol facility in Ekiti State between Montserrado Investments and the Federal Institute of Industrial Research Oshodi (FIIRO).
Chief Nnaji underlined the initiative’s advantages for the economy and environment, emphasising how the ethanol plant will drastically lessen Nigeria’s reliance on foreign ethanol.
He continued by saying that the project is in line with the government’s pledge to use regional resources to promote sustainable development.
The Minister said: “It will Support local farmers, creating a sustainable supply chain, and stimulating employment across the agricultural sector.
“It will also Reduce reliance on imported cooking fuels by developing a domestic ethanol production industry, thereby safeguarding the economy against global market fluctuations.”
Nnaji went on to say that even though the pilot project will start in Ekiti state, it will eventually be implemented in all of the country’s geopolitical zones.
He continued by saying that the government is actively looking for ways to generate revenue through enterprises, and as a result, this project would save a significant amount of money that would otherwise have been lost on imports.
“Nigeria is the biggest producer of cassava in the whole world with 64 million metric tonnes, and yet, we are deriving just about a million dollars out of cassava. However, we have countries like Venezuela which produces about 800,000 metric tons and makes much more money yearly from the crop,” Nnaji buttressed.
It is anticipated that the cassava-based ethanol facility will improve local cassava cultivation, generate employment opportunities, and support the country’s objectives for renewable energy. In order to support industrial growth and economic stability, Montserrado Investments and FIIRO are working together to efficiently convert cassava into ethanol through the use of cutting-edge technology.
