The Minister of Science and Technology, Dr. Ogbonnaya Onu said the newly launched policy of Methanol development technology is fully in line with international resolutions, which primarily includes the PARIS AGREEMENT, that nations should take step to drastically reduce carbon emission and pollution.
Dr. Onu said this at the International media briefing, to launch the METHANOL DEVELOPMENT TECHNOLOGY POLICY in Abuja during the week.
According to Dr. Onu, “during the just concluded 74th United Nations General Assembly (UNGA), Mr. President pledged Nigeria’s determination to comply with International resolutions on environmental protection and reduction of gas emissions.
Dr. Onu stressed the importance of Methanol to Nigeria’s fortunes, because its composition is environmentally friendly and cost less than other sources of natural energy, which would boost people’s economic fortunes.
Dr. Onu further said the policy is aimed at further expanding the nation’s chemical industry, which is currently at a low ebb. The policy, he added would help in the chemical value-chain feed-stock, to produce adhesives and other useful gasses.
“This policy will create a more investment friendly environment, especially in the oil and gas stream sub-sector”, he added.
Dr. Onu disclosed that Nigeria is sitting on 199.09 Trillion cubic feet of proven reserves according to DPR Annual Report in 2017, adding that this would immensely turn around the economic fortunes of Nigeria.
The policy, according to the Minister, ‘’ will further expand the chemical industry value chain, by replacing Kerosene as household cooking fuel, contribute to efficient and effective transportation system, climate change mitigation, improve electricity generation, and in the process diversify and grow the economy’’.
Dr. Onu appealed to foreign investors to take advantage of the METHANOL DEVELOPMENT TECHNOLOGY POLICY, to invest and build industries around the Methanol value chain, create job opportunities for our teeming youths and also, drive the diversification policy of this administration.
HEAD (PRESS AND PUBLIC RELATIONS)
29TH OCTOBER 2019.