Ondo, NNPC sign MoU for construction of biofuel plant

Akeredolu decries rising level of insecurity

The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) with the Ondo state government to establish a 65,000 million litres biofuel plant in Okeluse, Ondo state.

According to the Group Managing Director of NNPC, Dr. Maikanti Baru, the project is not a one-hundred-per-cent NNPC subsidiary but in collaboration with some investors whom he said will be bringing in foreign direct investment into the country.

Baru explained that the plant and other projects such cassava feed stock production would create at least one million direct and indirect jobs.

The GMD listed the benefits of the project to include the construction of the plant and the production of cassava feedstock that could create at least one million direct and indirect jobs.

Others include reduction of fuel import, reduction of greenhouse gas emission to combat global warming, and boost in the production of animal feeds from by-products of the plant.

The GMD also allayed fears of any possible negative impact of the plant on the supply of cassava-based foods for human consumption, stressing that the cassava that would be used for the biofuel project was a special breed that would not be in competition for human consumption or interfere with the activities of farmers cultivating other breeds of cassava or indeed other crops.

Ondo State Governor, Rotimi Akeredolu, expressed confidence that the biofuel project would take off for the benefit of the people of the state and the country in general.

Present to witness the signing of the MoU were representatives of the Nigeria Export-Import Bank (NEXIM Bank), New Partnership for African Development (NEPAD) and National Oil Spill Detection and Response Agency (NOSDRA).


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