Nigeria's Finance Minister Unveils Major Bioethanol Project at World Economic Forum

Nigeria's Finance Minister, Abubakar Bagudu, revealed the country's shift from stabilization to consolidation during the World Economic Forum in Davos, Switzerland. The government aims to strengthen institutions, restore economic confidence, and support private sector-led growth.

Bagudu outlined a major project to save N3 trillion in foreign exchange through a cassava bioethanol initiative involving 14 million farmers. The project seeks to reduce fuel imports by blending bioethanol with premium motor spirit.

The International Monetary Fund commended Nigeria's macroeconomic stabilization efforts, contributing to improved growth prospects in sub-Saharan Africa. The initiative also focuses on empowering smallholder farmers and promoting a circular economy beyond ethanol production.

Various stakeholders, including the Ministry of Budget and Economic Planning, are committed to providing policy support and monitoring frameworks for the project's success.