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Foreign direct investments for methanol production in Nigeria have reached over $1.5 billion, although the approval given by President Bola Tinubu to begin the implementation process was still being finalised.
Also, the Federal Government said it will consider using private sector funds through Public Private Partnerships (PPPs) to fund certain key projects in the Ministry of Innovation, Science and Technology.
This was disclosed when the Director General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh, paid a courtesy visit to the Minister of Innovation, Science and Technology, Mr Uche Nnaji.
The meeting which was at the instance of the ICRC DG, sought partnership between the two government bodies to harness PPPs to advance critical projects that can boost the economic and technological growth of the nation.
Acting Head, Media and Publicity of ICRC, Ifeanyi Nwoko in a statement quoted Nnaji as saying during his remarks; “The President (Bola Tinubu) had given approval for methanol production, although the implementation process was still being finalised, foreign direct investments for the project has reached over $1.5 billion”.
Speaking during the meeting, Dr. Ewalefoh said that science and technology, if properly deployed, can serve as key drivers for economic growth and progress of Nigeria.
He said, “Many countries around the world have used Science and Technology to drive the economic growth and prosperity of their countries and people.
“We are here to brainstorm with you and find ways by which we can deepen the usage of science and technology for the advancement of our country.
“Over the last two decades, countries and businesses have harnessed technology and innovation to upscale their economies and improve the efficiency in their service delivery.
“That is where we want our country to go, and we believe that is the vision you are championing under the renewed hope agenda of President Bola Ahmed Tinubu.
“It is, therefore, my aspiration that your ministry will partner with the ICRC on areas where we can champion private sector funding through Public Private Partnership to develop some of the projects specific to the ministry”.
The DG informed the Minister that there was already a collaboration with an agency under its purview but stressed that there were other key areas where PPP could be harnessed to deliver laudable projects in the Ministry.
He added that the commission has streamlined its processes to accelerate PPP project delivery and deliver important services to the Nigerian people, pointing out that some key private sector operators have already expressed their desires to work with the Ministry in a PPP arrangement.
In his remark, the Minister, Uche Nnaji expressed his excitement at the appointment of Dr. Ewalefoh as the DG of ICRC, saying that the DG’s wealth of experience will revolutionise the PPP sphere in Nigeria.
He added that indeed, a square peg has been placed in a square hole.
The Minister emphasised that the Ministry served as a key enabler of economic growth and has had the support of President Bola Ahmed Tinubu demonstrated through major approvals granted by the Ministry.
“We want to go into beneficiation of raw materials and we have the presidential executive order number 5 to back it, such that we don’t have to export our raw materials, but process it to a level before exporting.
“We are looking at doing green hydrogen, too,” he said.
He stressed that Nigeria could make a lot more from cassava export than it was currently making if the raw cassava was processed before export.
“We believe that with ICRC, we will partner in doing things right and enabling us to forge a better outlook for most of these projects.
“In methanol, we are going to involve ICRC more closely to see the way forward and how it can benefit the country better.
“I am happy that you are here; coming here shows that you know what you are doing. You are taking services to those that need it,” he said.
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