TheCable

Maikanti Baru, group managing director, Nigerian National Petroleum Corporation (NNPC), says the proposed biofuel plant in Okeluse, Ondo state, will create one million jobs upon completion.

Baru said this in a statement made available to TheCable by Ndu Ughamadu, group general manager, group affairs division, NNPC.

At the signing ceremony of the memorandum of understanding (MoU) towards building the project, Baru said foreign direct investment was expected as investors had indicated interest in the project.

He said the project which involves establishing a 65,000 million litres per annum biofuel plant will lead to a reduction of fuel import, reduction of carbon emission, and increase production of animal feeds from by-products of the plant.

“We expect that this plant, when built, will be producing at least 65 million litres per annum of fuel ethanol that could be blended into our premium motor spirit (PMS) and will be used in Nigeria and neighbouring countries when exported,” he said.

“The benefits of this project to Nigeria and specifically to Ondo state are immense and NNPC is very eager to see it implemented.

“We are working with the investors who will invest because there are several dimensions to the project.”

Akeredolu said he was confident in the success of the project

“This biofuel project will promote the industrial growth in Ondo State we yearn for,” he said.