Biofuel Refinery for Nigeria

Global Biofuels Ltd., a subsidiary of NeGSt Global Integrated Co. Ltd., has concluded plans to create 406,000 jobs for Nigerians as part of its ambition to build Nigeria’s first biofuels refinery.

Managing Director and Chief Executive Office of Global Biofuels, Dr. Felix Babatunde Obada ,told Nigeria’s ThisDay that seven Nigerian states would benefit from the project.

According to Obada, 58,000 jobs would be created in each participating state. States expected to participate are Osun, Kwara, Kogi, Niger, Kaduna, Ekiti, and Oyo. The project, inclusive of all seven plants involved, is said to be worth $560 million.

Obada said that Nigeria could not benefit from the Carbon Credit mechanism if biofuels were not developed in Nigeria. "Smart banks in Nigeria are already setting up carbon credit desk to work with us in benefiting from the international trade package because this sector is to serve humanity and reduce carbon footprint in Nigeria," he said.

NNPC has endorsed the biofuel project, indicating willingness to partner with investors who are ready to go into production since Nigeria has no ethanol production as of yet.