The Major Energues Marketers Association of Nigeria has stated that ethanol could be adopted as a biofuel to help Nigeria in reducing energy poverty and emissions.
According to MEMAN during a recent quarterly press webinar and engagement, about $7.4bn could be saved annually by taking advantage of Nigeria’s ethanol resources as a biofuel to support petrol.
Ethanol is a biofuel that is commonly used as a substitute or additive to petrol in vehicles. It is typically produced through the fermentation of plant materials like cassava, corn, sugarcane, and others.
MEMAN noted that ethanol blended into biofuel as a transformative energy source has the potential to change Nigeria’s energy landscape and pave the way for a sustainable economy.
Experts, who spoke at the webinar, revealed that Nigeria had what it takes to exploit its ethanol to biofuel potential.
Presenting a paper titled ‘Ethanol as a Biofuel’, a Senior Consultant with Africa Practice, Agwu Ojowu, pointed out that developing the ethanol industry could save the nation about $7.4bn a year.
“Nigeria’s cassava production, standing at 63 million metric tonnes annually, represents 26 per cent of the global total. However, with 40 per cent of this yield lost each year, there is a significant economic loss estimated at $7.4bn.
Developing the ethanol industry could mitigate these losses, enhance economic stability and capitalise on the depreciating currency to reduce costs,” Ojowu stated.
•Continued on www.punchng.com•