FG To Cut Fuel Imports, Grow Forex Reserves With Biofuels Policy

The Federal Government, yesterday, said it is set
to introduce a Biofuels Policy that would cut
Nigeria’s fuel import by five per cent in the short
term and up to 20 per cent in the medium, and
which would also help grow the country’s foreign
exchange earnings.

This was disclosed by the Acting Executive
Secretary of the Petroleum Products Pricing
Regulatory Agency, PPPRA, Mr. Victor Shidok, at
a press conference in Abuja to announce the
forthcoming workshop on biofuels development in

Shidok said work on the National Biofuels Policy
and Incentive Document was at the final stages
and the document is currently awaiting
ratification by the Federal Executive Council,
adding that once the approval of the council is
gotten, the policy would become operational.

He stated that once the policy is in place, there
are a number of individuals who are already
engaged in the farming and production of biofuel
products, while the policy would help coordinate
and promote integration of their various activities.

He maintained that the production of biofuels and
biodiesels do not require complex technologies,
but only require little equipment and off-takers.

He said, “Biofuel as a source of energy when fully
adopted would create employment opportunities,
support agricultural development and can as well
be used to generate electricity. Other benefits of
biofuels are environmentally friendly, less
pollution, cheaper as well as become source of
foreign exchange earner.”

He explained that biofuels comprise bioethanol
and biodiesel, which are blends of petroleum
products and agricultural products.

According to him, bioethanol E-10, for instance is
a blend of 90 per cent gasoline and 10 per cent
ethanol, while biodiesel B-20 is a blend of 80 per
cent diesel and 20 per cent oil jathropha, used
palm oil among others. 

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