Major Energies Marketers Association of Nigeria (MEMAN) has described ethanol blended into biofuel as a transformative energy source with the potential to shape Nigeria’s energy landscape and pave the way for a sustainable and economically robust future.
Estimates from experts who spoke at the MEMAN quarterly press webinar and engagement, revealed that Nigeria could save about $7.4b yearly, if it optimally exploit its ethanol to biofuel potentials.
Speaking at the forum, Senior Consultant with Africa Practice, Agwu Ojowu, in his paper with the theme “Ethanol as a Biofuel”, pointed out that developing the ethanol industry could save the nation about $7.4 billion yearly.
He said: “Nigeria’s cassava production, standing at 63 million metric tons 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 $7.4b. Developing the ethanol industry could mitigate these losses, enhance economic stability, and capitalize on the depreciating currency to reduce costs,”
According to him, ethanol’s higher octane rating improves fuel quality and helps meet environmental standards by reducing sulfur content and greenhouse gas emissions. These attributes, he said, make ethanol a cost-effective and environmentally friendly alternative to petrol, aligning with Nigeria’s climate commitments.
He said that Nigeria’s foray into ethanol began with the 2007 biofuels policy, which mandated a 10 per cent ethanol blend in fuel. “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.
Ojowu concluded that ethanol presents numerous benefits, including economic, environmental, and agricultural advantages, without necessitating vehicle modifications.
The Executive Secretary of MEMAN, Clement Isong, also emphasised the critical role of renewable energy in addressing Nigeria’s energy poverty. He highlighted the importance of diverse energy sources, including biofuels, solar, hydroelectricity, and potential wind energy, to create a balanced and sustainable energy mix.
“MEMAN is committed to engaging with industry stakeholders to advocate for energy solutions that meet Nigeria’s needs” Isong said.
He expressed optimism about the future of renewable energy in Nigeria and the continued efforts to enhance press engagement and industry collaboration.
