UK consortium and NNPC to invest $340m in ethanol plant in Benue, Nigeria
A UK-based consortium is set to contribute $340m to help build a new ethanol plant in Benue, under a partnership with the Nigerian National Petroleum Corporation (NNPC).
The proposed plant will help advance the Nigerian Government’s renewable energy policy. The consortium contributing to the investment has not yet been named.
Benue state governor Samuel Ortom was quoted by Vanguard as saying: “The stage is already set for the signing of an agreement among major stakeholders including the state government and the consortium.
“The feasibility studies for the project has been concluded and the consortium has consented to invest over $340m into it.
“Even President Muhammadu Buhari is so passionate about the project and he has agreed to come to the state to flag it off.”
Furthermore, the Benue state government has entered a memoranda of understanding (MoU) with several foreign investors who are planning to invest in the state and will help develop the industrial sector of the state.
Ortoms also added: “These are good signs and I have continued to keep to the promises I made to Benue people, which is to encourage investment in Small and Medium Enterprises, as well as promote agriculture driven industrialisation.”
Established in 1977, NNPC is the state oil corporation and is involved in refining, petrochemicals and products transportation and marketing activities.
Last month, NNPC noted that nearly $51bn investment opportunities exist in the midstream and downstream gas sector to achieve growth in the industrial sector of the country.