Global Biofuels Invests N87.5bn in Ethanol Project

Global Biofuels Limited, the first biofuels refinery in Nigeria, endorsed by the Nigerian National Petroleum Corporation (NNPC), has committed  the  sum of N87.5billion to ethanol project in the country.
To foster rapid production, the company has also brought in two varieties of sweet sorghum to be produced for feedstock from PRAJ in India while more varieties of feedstock had been developed by the company.
 Managing Director and Chief Executive Officer of Global Biofuels, Dr. Felix Babatunde Obada, made this disclosure, at the ground breaking and foundation laying ceremony of the project in Ekiti State, over the weekend, revealing that the company has also invested N12.5 billion in the same project in Ekiti.
According to him, NNPC is the organisation charged with the responsibility of regulating  and generally growing the biofuels sector.  He listed PRAJ India, ICRISAT, IAR Samaru, Zaria, Mariano Marcos State University of Philippines, African Development Bank (ADB), UBA Global Markets, Skye Bank Plc and Santrust Securities Limited as other partners working with the company on the ethanol project in Nigeria.
The Global Biofuels boss explained that Nigeria stands a good chance of benefiting from ethanol production as nations around the world are looking at biofuels to help reduce spiralling oil import costs, and to mitigate pollution and global warming.
  He added that developing, manufacturing, installing and maintaining renewable energy technologies as is the case with  ethanol has the potential to create new  Nigeria-led jobs and modern industries.      
"This would not only serve to empower entrepreneurs and companies to build vibrant and diverse economy, it is also a wise economic choice for long term development. As fossil fuel depletes, Nigeria would have diverse dependable energy sources and be able to strategically benefit from our oil resources," he stressed.
Also speaking, the Governor of Ekiti State, Segun Oni, assured the company of his full support on the project in terms of road construction to link the project site with the surrounding communities and other infrastructures needed to make the project optimise outputs in the State.
He expressed optimisim that Ekiti would become the ethanol hub of Nigeria within a short possible time.