FG to Establish $50bn Biofuel Fund – CBN Governor 0

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele while at a sensitisation workshop on biofuels development in Nigeria, has said that the Federal Government is to set up a $50bn Biofuels Industry Equity Fund to be used in developing biofuels and making them accessible to the citizens in commercial quantities.

According to him, the initiative is part of moves aimed at diversifying the Nigerian economy away from crude oil, as well boosting the agricultural sector and creating job opportunities for the citizens. Emefiele, who was represented by a Deputy Director of the bank, Mr. Lawrence Odey, stated that a vibrant domestic biofuel industry would provide the desired alternative energy source that would reduce Nigeria’s current level of energy import and conserve foreign exchange.
He said, “In the face of growing global concerns for protecting the environment, funding biofuels development as a commercial venture is becoming a developmental agenda. To that extent, the scope of funding sources have become variable. “On the domestic front, it is important to note that the Nigerian Biofuels Policy and Incentives Draft document has outlined funding arrangements and incentives arrangements for firms involved in biofuels production.”