The proposed establishment of a 65,000 million litres biofuel plant in Okeluse, Ondo State is coming closer to a reality as the Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) with the Ondo State Government. As this project is coming closer to fruition, the NNPC Group Managing Director (GMD), Dr Maikanti Baru took time to explain the various benefits the project will bring.
”The benefits of this project to Nigeria and specifically to Ondo State are immense and NNPC is very eager to see it implemented. We are working with the investors who will invest because there are several dimensions to the project,” Baru said.
The benefits he listed are
- Creation of at least one million direct and indirect jobs.
- Production of at least 65 million litres per annum of ethanol that could be blended into Premium Motor Spirit (PMS)
- Reduction of fuel import and greenhouse gas emission
- Boosting the production of animal feeds from by-products of the plant
- Cultivation of a new breed of cassava
- The biofuel plant would be fitted with a 40 megawatts electricity plant that would also supply power to the host communities.
Ondo State governor Oluwarotimi Akeredolu signed the MoU on behalf of Ondo State while officials of Nigeria Export-Import Bank, New Partnership for African Development and National Oil Spill Detection and Response Agency were present at the ceremony.
