Biofuels Industry Equity Fund up to $50bn is to be set up by the Federal Government

  This was disclosed by the Central Bank of Nigeria, CBN, who stated that the aim is to develop biofuels and making them accessible to the citizens in commercial quantities.

   According to the CBN, the initiative is part of moves aimed at diversifying the Nigerian economy away from crude oil, as well boosting the agricultural sector and creating job opportunities for the citizens.
  The CBN Governor, Godwin Emefiele, disclosed this at the sensitisation workshop on biofuels development in Nigeria, which was organised by the Petroleum Products Pricing Regulatory Agency in Abuja yesterday.
  Emefiele, stated that a vibrant domestic biofuel industry would provide the desired alternative energy source that would reduce Nigeria’s current level of energy import and conserve foreign exchange.
  Also speaking at the workshop, the Acting Executive Secretary, PPPRA, Victor Shidok, said the government had renewed its emphasis on the development of other sources of energy as alternatives to petroleum products.