The Major Energy Marketers Association of Nigeria has said that ethanol might be utilized as a biofuel, saving Nigeria an estimated $7.4 million and reducing energy poverty and emissions.
MEMAN in a recent quarterly press webinar and engagement, said using Nigeria’s ethanol resources as a biofuel to complement petrol, according to The Punch.
MEMAN said that biofuel can revolutionize Nigeria’s energy environment and pave the path for a more sustainable economy.
Experts who spoke at the webinar stated that Nigeria could turn ethanol into biofuels.
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 per year.
Ojowu said “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.”
He underlined that ethanol’s higher octane rating enhances gasoline quality and contributes to environmental standards by lowering sulfur content and greenhouse gas emissions.
These characteristics, he claimed, made ethanol a more cost-effective and environmentally benign alternative to gasoline, consistent with Nigeria’s climate objectives.
Ojowu noted that Nigeria’s foray into ethanol started with the 2007 biofuels regulation, which required a 10% ethanol blend in petrol.
“Despite initial challenges, including the suspension of the policy in 2008, because of blending inconsistencies, the potential of ethanol remains significant. Ethanol’s cost-effectiveness compared to petrol has historically led to economic arbitrage, suggesting that a well-regulated biofuel market could be economically advantageous,” he said.
The Executive Secretary of MEMAN, Clement Isong underlined the importance of renewable energy in alleviating Nigeria’s energy poverty.
Isong emphasized the significance of varied energy sources, such as biofuels, solar, hydroelectricity, and wind energy, in achieving a balanced and sustainable energy mix.
He said, “MEMAN is committed to engaging with industry stakeholders to advocate for energy solutions that meet Nigeria’s needs.”
He voiced optimism about Nigeria’s renewable energy future, as well as ongoing initiatives to increase press engagement and industry collaboration.
