FG Targets 40m Jobs In 2 Years From Methanol Technology

• Federal government’s methanol program aims to generate 40 million jobs in 2 years, supporting energy transition and mitigating fuel subsidy removal effects
• Minister Nnaji highlights commitment to solving youth unemployment, leveraging local resources, and Executive Order 5 for manufacturing sector growth

According to the federal government, its methanol fuel technology program will create over 40 million new job opportunities for Nigerians in the next two years.

Chief Uche Nnaji, Minister of Science, Innovation, and Technology, stated at the weekend in Abuja that the government’s methanol economy revolution would harness the vast potential of methanol as a clean and sustainable energy source, positioning the country as a leader in Africa’s energy transition.

“It can potentially create over 40 million new employment opportunities in two years and complement other efforts in curbing the effects of fuel subsidy removal on the populace,” Nnaji said in a statement. The minister said President Bola Ahmed Tinubu’s administration was committed to solving Nigeria’s problems through scientific and technological innovation.

He expressed dissatisfaction that, despite the country’s abundant natural resources, youth unemployment remains a major issue, as the country constantly exports domestic jobs by importing products that can be manufactured locally.

The minister also stated that Executive Order 5 would address bottlenecks in Nigeria’s manufacturing sector, adding that improved power supply, locally fabricated machines, and local technologies, if well harnessed, would increase exports and boost GDP.

Nigeria can’t be surviving on debt at 63 years of Independence – Kalu

Benjamin Kalu, the Deputy Speaker of the House of Representatives, has expressed concern about Nigeria’s reliance on debt.

Speaking at a stakeholders’ dialogue on implementing Section 45 of the Fiscal Responsibility Act on Saturday in Lagos, Kalu said Nigeria needs to be self-sufficient and independent instead of relying on loans.

Kalu, represented by Mr Nalaraba Abubakar, Chairman House Committee on Loans and Debt Management, said past governments sustained budgets through loans, but an approach he considered unsustainable, NAN reports.

He also said that compliance with the provisions of Section 45 of the FRA remains crucial to the banks and other financial institutions before lending to any government of the federation.