Oghenevwede Ohwovoriole in Abuja
In a bid to woo foreign investors to grow the energy sector, the Minister of Science and Technology, Dr. Ogbonnaya Onu, has kick-started an investment drive in the sector by assuring foreign investors that Nigeria is the number one business destination in Africa.
He also urged them to come and invest in the production of methanol fuel in the country.
The Head of Press and Public Relations, Federal Ministry of Science and Technology (FMST), Mr. Abdulganiyu Aminu, quoted the minister as advising investors who are ready investors to partner Nigeria.
Speaking at ‘Africa’s employment Perspective Towards 2040’ at a German Development Institute last Tuesday in Bonn, Germany, the minister said Nigeria wanted both local and foreign entrepreneurs and investors in the private sector to invest in methanol production in Nigeria.
Onu said: “Nigeria is the new destination for investments in Africa with the new investment-friendly visa policy and significant improvement in the ease of doing business.
“Nigerian businessmen and women are showing keen interest in investing in this project, therefore, all prospective investors coming into the country will have willing partners to do business with.
“The methanol fuel production technology was a strategy employed by the Nigerian Government to diversify its economy based on natural gas reserves which will reduce the country’s reliance on crude oil reserves.”
The minister added that since the world has reduced its reliance on crude oil, and emphases are now being made on cleaner and renewable energy, this policy is important for Nigeria to remain relevant in exporting natural gas.
He said Nigeria has the ninth largest natural gas reserves in the world which is estimated to be over 200 trillion standard cubic feet.
The new national policy on methanol fuel production technology, he explained, is to provide the enabling policy framework for value-addition to Nigerian natural gas resources, increase in midstream gas investment and expansion of chemical industries value-chain.