NEPC applauds NNPC on Nigeria’s first methanol refining plant

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CEO, NEPC Mr. Olusegun Awolowo has applauded the Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Mele Kyari over his attempt in securing Nigeria’s first methanol processing plant following the signing of a final investment decision in January 2021.

Awolowo disclosed this when he hosted the NNPC Boss at the Export House, Maitaima in Abuja.

According to him, the project signifies federal government’s effort to maximize value and monetize Nigerian vast natural gas endowment, having significant economic and development impact on the country including revenue generation and import substitution for the methanol needs of the country that is currently 100% imported.

He added that the recent passage of the Petroleum Industry Bill (PIB) was also highlighted as being instrumental in driving the growth of the downstream sector and supporting Nigeria’s diversification from being essentially a mono-economy on oil.

Kyari said the courtesy visit to the NEPC, the first of its kind heralded a new strengthened relationship between the two organizations.

He emphasized that the signing of the final investment decision to build Nigeria’s first methanol –processing plant expected to be completed in 2024 will create 30,000 direct and in-direct jobs during construction and about 5,000 jobs during operation.

READ ALSO:NNPC authorized to acquire 20 per cent stake in oil refineries

He added that with Nigeria signing of the Paris Agreement and its commitment under the Nationally determined contributions to cut emissions by 45 per cent in strategic sectors linked to the Federal Government, the policy is expected to drive activities around the gathering of flare gas in anticipation of the construction of large-scale methanol fuel plants with the aim of achieving 100% domestic production of methanol fuels consumed in Nigeria by 2025.

Kyari reiterated the NNPC’s commitment to partnering with the NEPC in ensuring an enabling environment that promotes production, manufacturing and exporting that can swell Nigeria’s foreign reserves.

The NEPC affirmed that it looks forward to a committed collaboration with the NNPC to ensure that an enabling environment for the promotion of non-oil exports is created and sustained.

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