The Minister, Dr Ogbonnaya Onu, said this during a world news conference in Abuja on Tuesday on National Policy on methanol-fuel production technology.
The implementation of the policy, to ensure methanol production and methanol value-chain implementation programme was approved on Oct. 23.
Onu said the policy was aimed at adding value to the nation’s gas resources estimated at 199.09 trillion cubic feet proven reserves.
The minister further said it would also expand the chemical industry value-chain, replace kerosene as household cooking fuel and contribute to efficient and effective transportation system in the country among others.
“This will mitigate climate change, improve electricity generation and in the process, diversify and grow the economy.
“The policy will encourage the economic diversification drive of this administration and create job opportunities for our teaming youth population.
“There will be collaboration between chemical technology researchers and Investors with the support of the oil major outfits to end gas flaring in Nigeria.
“This policy will create the environment for more investment in the oil and gas sector, particularly in the down stream sub- sector,” he said.
The minister expressed concern that natural gas, estimated be 85 per cent methane and set to be a major source for the production of methanol, was usually burnt (flared) in the process of crude oil production.
He said with the policy,” it is expected that more industries will be established to convert the gas flarring, daily, in the process of crude oil exploration to useful purposes.”
Onu also noted that several unsuccessful attempts had been made since in the 1960s to stop gas flaring but without success.
He promised that the ministry would not rest until Nigeria” adds value to its abundant raw materials through innovation.
“The investing community will take advantage of the policy to build industries around the methanol value-chain.
“More revenue will become available to the Federal Government as a result of spin -off industries that will be created in the process.
“Our environment will be protected in line with the declaration of President Muhammadu Buhari at the recent,74th United Nations General Assembly.”
