http://thejuristlaws..com/2012/01/fed-govt-global-biofuels-sign-n424b.html

To generate 450mw of electricity, create 870,000 jobs

THE Federal Government and Global Biofuels Limited, an indigenous bio-fuel producer, have signed a Memorandum of Understanding (MoU) for the construction of 15 integrated bio-fuel plants in Nigeria worth N424billion.The project is expected to generate 450megawatts of electricity as well as create 120,000 direct and 750,000 indirect jobs.

The Minister of Trade and Investment, Mr Olusegun Aganga, signed for the Federal Government, while the Managing Director/CEO, Global Biofuels Limited, Dr. Felix Obada, signed for his firm.
Aganga said: “This will create value chain, in addition to linking 15 states of the federation to cheap bio-fuel generated electricity at the rate of 30 megawatts per state."Construction on the pilot plant, which will be established in Ekiti State, will commence in the first quarter of 2012 and shall be 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.

“The project had been subjected to stringent feasibility and market studies, the Ministry of Trade and Investment would partner other focal ministries and parastatals of the Federal and state governments to ensure the successful execution of the project.” The minster said the project is 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. When completed, he said the project would positively impact the nation’s economy and attract more Foreign Direct Investments into the country.
The company, he said, will start the implementation of an agro-based industrial activity for the production of ethanol, biomass electric power and food, all from a single industrial complex, using sweet sorghum as raw materials. The pilot project is at Ilemeso, Ekiti State.

Aganga said plant construction is scheduled to start in the first quarter of 2012 while mechanical completion, test run and inauguration have been fixed for the last quarter of 2012.
“The project is expected to create 120,000 direct jobs and 750,000 indirect jobs across the project’s value chain while a minimum of 15 states of the federation shall be linked to cheap biomass electric power supply at the rate of 30 megawatts per state,” he added.

Obada said 70 per cent of the project would be funded by the Chinese government while the remaining 30 per cent would be sourced from other financial institutions including NEXIM Bank, ECOWAS Bank for Investment and Development,Africa Finance Corporation, Fond Gari of Togo and FirstBank of Nigeria Plc.

http://thejuristlaws..com/2012/01/fed-govt-global-biofuels-sign-n424b.html

First, it was refineries, to be sited in Lagos, Kogi and Bayelsa. Now alternative source of energy, to be sited in Ondo, Osun, Kwara, Kogi, Benue, Gombe,Bauchi, Zamfara, Kano, Kaduna, Nasarawa and Plateau.
For how long would the south-east be marginalized in Nigeria? Are you quite sure we are part of Nigeria? Where are our representatives in the National Assembly? They seem to be on vacation while all these decisions are taken by the presidency. They should wake up from their slumber and represent us well, Biko

another beautiful set of lies. we have been celebrating what govt will do without celebrating what they have done. the only thing we see them do is steal our funds.
this is a shame of a country. we have a confused bunch of criminals as rulers but God will surely bring them to shameful ends.

ulonnaya21:

Obada said 70 per cent of the project would be funded by the Chinese government while the remaining 30 per cent would be sourced from other financial institutions including NEXIM Bank, ECOWAS Bank for Investment and Development,Africa Finance Corporation, Fond Gari of Togo and FirstBank of Nigeria Plc.

So what is the federal government actually doing? 70% of the money comes from China, the other 30% from the private sector.

Did they just issue the permit?

In any case, it appears that Aganga is doing well in his new role. Kudos to him.

The less the FG participation, the more likely it would succeed. Let FG just create the environment and others do the investing.

I agree.

But why is its name even involved if it isn't putting up any money?

Basically I want to know to what extent it is creating the environment. . . what specifically is it doing?

I have no idea!

BS! Let them prove themselves at smaller project first.

OgeJesus:

First, it was refineries, to be sited in Lagos, Kogi and Bayelsa. Now alternative source of energy, to be sited in Ondo, Osun, Kwara, Kogi, Benue, Gombe,Bauchi, Zamfara, Kano, Kaduna, Nasarawa and Plateau.
For how long would the south-east be marginalized in Nigeria? Are you quite sure we are part of Nigeria? Where are our representatives in the National Assembly? They seem to be on vacation while all these decisions are taken by the presidency. They should wake up from their slumber and represent us well, Biko

The south-east is not seen as part of Nigeria in some quarters I believe. The Nigerian Nation is afraid of them or there is something the is beyond our imagination that makes them to be marginalized in regards to siting of government projects. It keeps reoccurring, Those representing us should also try to do something

Please, can someone explain to me what this biofuel thing is all about? And how can it be of benefits to us as an alternative source of energy?