The Acting Executive Director, Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Victor Zamani Shidok, has said the shift to biofuels could reduce expenditure on fossil fuels by 10 per cent. He spoke in Abuja at a workshop on biofuel development.
Shidok explained that if the government could organise the stakeholders to implement the policy, “E10 simply means that 10 per cent of what you are incurring importing these commodities will be saved. It will be replaced by local production. When we are able to go up to E20, 20 per cent will be saved. So, imagine what will happen if we get to a stage like the same like Israel and Sweden now, we are 90 per cent; that means that 90 per cent of what we are spending importing petrol will be saved.”
He said the introduction of biofuel was one of the initiatives on renewable energy that has immense potential to diversify the nation’s economy, conserve forest, contribute to fuel supply stability as well as provide clean energy to the citizenry.
Explaining the benefits of biofuel, he described it as a source of energy when fully adopted would create employment opportunities, support agricultural development and can as well be used to generate electricity, less pollution, cheaper as well as become source of foreign exchange earner.
On assumption of office, the Minister of State for Petroleum Resource challenged the agency to fast-track the development of the National Biofuel Policy and Incentive Document to provide an enabling environment for the biofuel industry to thrive.
Shidok noted that though the policy was initiated since 2007, the agency has not mustered the will to implement the policy.
He said the dissatisfaction of stakeholders with the gazette that is import-dependent and import-driven necessitated the review. According to him, the initiative is being undertaken by the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation (NNPC), states and Federal Government, other stakeholders that include feedstock farmers, blenders, depot owners and potential investors.
He added that the agency would organise a national capacity building and sensitisation workshop on the biofuel industry soon to further enlighten Nigerians on the benefits of exploring the enormous potential in biofuel.
The workshop, he said, would Nigrians on the benefits of introducing biofuels as Nigeria’s energy mix.
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Source: The Nation Online Ng.