Nigeria’s state oil company is venturing into renewable fuels with a contract that will see a bioethanol plant built in the state of Kebbi, in northeastern Nigeria. The plant will have a capacity to produce 84 million liters of bioethanol derived from cassava and sugarcane. This is the second such contract that NNPC has signed with state governments this month. Earlier, the state oil company inked a preliminary contract with the government of Ondo state for a 65-million-liter bioethanol plant, to use cassava as feedstock. That project, according to NNPC’s group managing director Maikanti Baru, would also involve foreign investments. The idea of developing a biofuels industry in Africa’s top crude oil producer was originally announced by the federal government back in February, with a plan to establish a fund of US$50 billion to develop biofuels production. The funds will be provided to a Bieofuels Equity Investment Fund, which […]