Federal government of Nigeria signed a Memorandum of Understanding with Global Biofuels Limited, an indigenous bio-fuel producer, for the construction of 15 integrated bio-fuel plants in Nigeria estimated to gulp N414bn.
The Minister of Trade and Investment,? Mr. Olusegun Aganga, signed on behalf of the federal? government, while the Managing Director/CEO, Global Biofuels Limited, Dr. Felix Obada, signed on behalf of his company.
The project is expected to create a total of 120, 000 direct and 750,000 indirect jobs across the value chain in addition to linking 15 States of the federation? to cheap bio-fuel generated electricity at the rate of 30 mega watts per state.
Construction work on the pilot plant, which? will be established in Ekiti State, will commence in the first quarter of 2012 and completed? within 12 months , while? 14? additional plants will be? established? in 14? other States? after the completion of the pilot project. The states include: Ondo, Osun, Kwara, Kogi,Benue,? Gombe, Bauchi, Zamfara, Kano, Kaduna, Nasarawa and? Plateau.
Speaking during the MOU signing ceremony, the Minister of Trade and Investment, Mr. Olusegun Aganga, stated that the project had been subjected to stringent feasibility and market studies .
He noted that the project was the culmination of several years of hard work and intensive research between Global Biofuels and its collaborators in Research Institutes in Nigeria, China, Brazil and India, adding that when completed, the project? would positively? impact? the nation’s economy and attract more Foreign Direct Investments into the country.
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