ciuci Assessing the Opportunities in the Nigerian Biofuel Industry ARTICLE CONSULTING
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1 ARTICLE Assessing the Opportunities in the Nigerian Biofuel Industry
2 Assessing the Opportunities in the Nigerian Biofuel Industry Over the years, fossil fuels have met the majority of the world s growing energy demands with little consideration for alternative sources of energy. In recent times, alternative sources such as biofuel have been found to be safer and cheaper than fossil fuels. In the last decade the global biofuel industry has evolved to become an attractive investment opportunity. Analysts forecast that between 2013 and 2020 the industry will attract over $26.1 billion in investments. With many nations increased drive to focus on alternative energy sources beside the traditional over-used energy sources (oil and coal) a vast majority of global economies have sought out ways to explore biofuels as a viable alternative source of energy. When compared to the U.S, Brazil, and the European Union, the Nigerian biofuel industry has remained largely in a formative stage. This condition can be linked closely to the undiversified Nigerian economy that relies solely on fossil oil as its major economy driver. Although the country is one of the largest producers of crude oil, (the 10thlargest in the world and the 1stin Africa), the continued neglect of alternative energy sources puts the nation at economic risk given fluctuating oil prices, reducing demand by major oil-importing nations and the depletion of Nigerian oil reserves. With countries like the UAE and other major oil producers diversifying into other energy and revenue sources, it is imperative for Nigeria to begin exploration of available alternatives. Global Trends in Biofuel Production Derived from the carbon fixation in living organisms such as plants, plant materials and organic waste products, biofuels can exist as bioethanol, biodiesel and biogas. In recent years, the use of biofuel as an alternative energy source has gained more importance due to its low carbon emissions; therefore making it an attractive fuel for the automobile industry. With the aim of delivering alternative energy agendas, leading world economies increasingly rely on biofuel production. Although fossil fuel consumption still dominates 2
3 the world energy market, the steady rise in the price of gasoline in the international market further strengthens the rationale for seeking cost-effective alternative energy sources. Many countries have realised the use of biofuel provides huge rewards for economies and the environment. There are various sources of biofuel, but bioethanol remains the most widely used biofuel for transportation purposes worldwide. Accounting for more than half of the world s biofuel production, bioethanol is blended with gasoline (petrol) as an automobile fuel, significantly reducing the consumption of gasoline and emissions of greenhouse gases. Bioethanol is usually produced from feedstock such as sugarcane, sorghum, maize, and cassava. The feedstock used in biofuel production varies across countries depending on their relative abundance. These materials are usually combined under a series of chemical reactions and refining processes to produce high quality ethanol for energy needs. Ethanol is produced from corn in the United States, India and China, while sugarcane is used as feedstock for ethanol production in Brazil where it is abundant. Globally, Bioethanol production is concentrated in two countries; United States and Brazil. In 2010, the United States accounted for 45.9% of the world s billion litres of bioethanol, while Brazil s 29.3% share of global output is a distant second. The International Energy Agency (IEA) predicts that bioethanol alone has the potential to account for up to 10% of world gasoline use by 2025 and 30% in 2050.The second most common type of biofuel- biodiesel, is usually derived from vegetable oil or fats. It is often blended with diesel in the European Union with Germany and France leading biodiesel s production. Global production of biofuels has grown steadily over the last decade. It currently provides around 3% of total road transport fuel used. With the compound annual growth rate (CAGR) estimated to hit the 6% mark in 2023, biofuel production will promote economic development in many parts of the world, especially in rural communities. Aside from providing alternative energy sources, the biofuel industry could employ a large number of people thereby reducing the rate of unemployment among participating countries. Increasingly biofuel is being considered as the future global alternative energy source. Yet, there are growing concerns about implications of biofuel production and its impact on food security and possible pressures on water resources. Is There Really a Biofuel Industry in Nigeria? Current Situation The Nigerian biofuel industry is still in the early stage of its evolution, given the quest for alternative energy via biofuel just became popular in Nigeria in recent years. Several stakeholders have been involved in the Nigerian Biofuel Project (NBP). They include the government, the Nigerian National Petroleum Corporation (NNPC), research institutes, private investors, and the feedstock farmers. The biofuel project is an integrated approach by the government to foster agricultural development as well as provide a cheaper and cleaner alternative energy for the population. The NBP which is mainly driven by the NNPC plans to utilize cassava, sugarcane and palm oil as its major feedstocks with sweet sorghum and jatropha serving as alternatives. As part of the short term goal, the NNPC 3
4 aims to achieve a 10% blend of bioethanol and biodiesel with gasoline and diesel being used respectively in production within the next few years. This ratio may increase to as high as 50% in the long run. Currently, no commercial biofuel production exists in the country although a few companies were granted loans by the Nigeria Export and Import Bank (NEXIM) in 2011 to begin commercial production of biofuel. Many of the companies and state governments investments in the biofuel industry are still in the planning phase. Additionally, various research institutes and universities are conducting research projects to improve the quality of feedstock available for biofuel production in Nigeria. In order to promote favourable market entry for investors, the government set in place a number of incentives to support biofuel projects in the country. Some of which include a pioneer status for all registered businesses engaged in biofuel production. This results in a waiver on paying Value Added Tax and customer duties and the possibility of obtaining long-term preferential loan terms. In addition to the incentives, the government policy on biofuel production favours new entrants into the market. The policy states that the NNPC guarantees the offtake of biofuel produced within the country. NNPC is also charged with the responsibility of blending biofuel. The national policy on biofuel seeks to promote investment into Nigeria s biofuel industry by encouraging the participation of stakeholders. However, on-going debates suggest the industry seems to be taking too long to move out of the planning stage if the country truly intends to prepare for commercial biofuel production. The debate relates to weighing the economic opportunities for biofuel production against other current challenges in the country. Challenges of Biofuel Production in Nigeria The Food vs. Fuel Debate There are speculations around the world about the impact of biofuel production on rising food prices. Nigeria is not left out of this debate. Current challenges regarding food security and how commercial biofuel production occurs might increase food prices. Studies have shown that Nigeria is one of the countries with a food deficit in sub-saharan Africa and is still struggling to achieve the Millennium Development Goals (MDG) on food security by Currently, Nigeria is not close to this target, meaning biofuel production that uses common staple crops as feedstock may increase the pressure on food supply. In a report by the NNPC, important food sources such as sugarcane, cassava, maize and sorghum were classified as suitable feedstock for biofuel production. Nigeria might have to seek 4
5 alternatives in lower yielding feedstock such as jatropha for biodiesel production and municipal solid waste for biogas production. These municipal solid wastes are generated by household, commercial and industrial sectors as a result of population concentrations and associated activities in urban areas. The Economic Cost of Biofuel Production The economic cost of biofuel production remains an important concern to commercial biofuel production in Nigeria. Apart from the high cost of setting up production plants, the rising price of food crops and regulation of biofuel production to meet international standards are all critical to the success of the industry. Certain precautionary actions must be taken to manage the economic cost of biofuel production in Nigeria. Encouraging private sector investment in biofuel production will go a long way to boost rapid growth of the local biofuel industry. Nigeria Biofuel Production: The Way Forward Exploring the opportunities for commercial biofuel production in Nigeria is a debatable topic. How can the country harness the opportunities available, in a bid to join advanced economies of the world in biofuel production? Currently, it might not be possible due to food security challenges to divert a lot of economically important high-yielding feedstock such as sugarcane and cassava into biofuel production. However, Nigeria might explore other lower-yielding feedstocks such as jatropha for biodiesel production and municipal solid waste for biogas production. Moreover, it is obvious there is a need for Nigeria to explore alternative energy sources to provide cheaper and cleaner alternative energy for its own population while relishing the benefits of biofuel production for export to the rest of the world. 5
6 References Agbro, E.B., Nosa, A.O., A Comprehensive Review of Biomass Resources and Biofuel Production Potential in Nigeria, Research Journal in Engineering and Applied Sciences 1(3) viewed on 9th January 2014, fromhttp://rjeas.emergingresource.org/articles/a%20 COMPREHENSIVE%20REVIEW%20OF%20BIOMASS%20RESOURCES%20AND%20 BIOFUEL%20PRODUCTION%20POTENTIAL%20IN%20NIGERIA.pdf Green Car Congress 2012, Navigant forecasts global 6% CAGR for biofuels to 2023, viewed on 16th January 2014, from html Msangi, S., Sulser T., Rosegrant M., Valmote-Santos R & Ringler C., Global Scenerios for Biofuels: Impacts and Implication viewed on 9th January 2014, fromhttp:// uploads/media/07_global_scenarios_for_biofuels_impacts_and_implications_01.pdf NNPC 2012, Sustainable Biofuel Industry in Nigeria: A gateway to Economic Development viewed on 16th January 2014, fromhttp:// Ojo E. O., and Adebayo P.F, Food Security in Nigeria, An Overview, viewed on 15th January 2014, fromwww.ecsdev.org. OECD & FAO Agricultural Outlook 2013 viewed on 15th January 2014, fromwww.fao.org/ fileadmin/.../oecd.../oecd_2013_22_biofuels_proj.pdf Official Gazette of the Nigerian Bio-fuel Policy and Incentivesviewed on 15th January 2014, fromwww.sunbirdbioenergy.com Olaniyi, A. 2007, Biofuels Opportunitiesand Development ofrenewable EnergiesMarkets in Africa: ACase of Nigeria, viewed on 13th January 2014, fromwww.ifad.org/events/ jatropha/presentation/nigeria.pdf Oshewolo, S Designed to Fail? Nigeria s Quest for Biofuel,Afro Asian Journal of Social Sciences, 3(3.3), viewed on 13th January 2014, fromwww.onlineresearchjournals. com/aajoss/art/94.pdf PR Newswire, 2013 Analysis and Outlook of the Global Biofuels Industry, viewed on 15th January 2014, from RFA 2012, Historic U.S. fuel Ethanol Production, viewed on 16th January 2014, from RFC, F.O. Lichts, World Fuel Ethanol Production, viewed on 7th February 2014, from The Oil Drum, 2007, The Implications of Biofuel Production for United States Water Supplies, viewed on 15th January 2014, fromhttp:// 6
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