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FEC Approves Cassava Bio-Ethanol, Fire Management Concessions, Targets N180bn Revenue
Nigeria

FEC Approves Cassava Bio-Ethanol, Fire Management Concessions, Targets N180bn Revenue

by  Segun Adeyemi 2 min read
  • The federal government of Nigeria has approved two profitable projects to generate N180 billion
  • According to the Infrastructure Concession and Regulatory Commission (ICRC), Nigeria will embark on Cassava Bio-mass, Bio-ethanol Value Chain
  • Similarly, the National Fire Detection And Alarm System (NAFDAS) has been approved to help manage and curb fire crises nationwide

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FCT, Abuja - The Federal Executive Council (FEC) headed by President Muhammadu Buhari has approved the concession of the Cassava Bio-mass, Bio-ethanol Value Chain to improve security and create jobs for Nigerians.

This development was made known in a statement made available to Legit.ng on Sunday, April 23.

Muhammadu Buhari
The Cassava Bio-mass, Bio-ethanol Value Chain and NAFDAS project are expected to generate N180 billion in revenue. Photo: Muhammadu Buhari
Source: Facebook

As contained in the statement, FEC also assented to the National Fire Detection And Alarm System (NAFDAS) for the effective prevention, detection and management of fire nationwide.

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Nigeria to generate N105 billion in five years of cassava bio-mass

According to Ifeanyi Nwoko, the Infrastructure Concession and Regulatory Commission (ICRC) spokesperson said both projects are set to generate N180 billion.

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Nwoko said:

"While the NAFDAS project will generate a total of 75 billion naira in the 15-year concession period, the Cassava Bio-ethanol Value Chain will generate a total revenue of 105 billion within the 5-year concession period.
"The Cassava Bio-Ethanol Value Chain will be done on a pilot phase aims to build a Bio-technology Industrial Park on a 20-hectare plot across 20 Universities, Academia and Research & Development Institutes."

It was also gathered that the project is proposed to be financed with a grant from the Federal Government and concessionaire investment totalling N11.9bn. The revenue stream presented by the project includes sales of cassava stem, cassava flour, garri, starch and Bio-ethanol.

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FEC approves 1,374km roads across 9 corridors, to generate N11.54trn, says ICRC

Earlier in the year, Legit.ng reported that at least nine major highways have been approved for construction and maintenance by the federal executive council.

The federal executive council headed by President Muhammadu Buhari made the approval on Wednesday, January 18.

It is expected that these projects upon completion and operation will generate N11.54 trillion in revenue.

Source: Legit.ng

Authors:
Segun Adeyemi avatar

Segun Adeyemi (Current Affairs and Politics Editor) Segun Adeyemi is a journalist with over 9 years of experience as an active field reporter, editor, and editorial manager. He has had stints with Daily Trust newspaper, Daily Nigerian, and News Digest. He currently works as an editor for Legit.ng's current affairs and politics desk. He holds a degree in Mass Communication (Adekunle Ajasin University). He is a certified digital reporter by Reuters, AFP and the co-convener of the annual campus journalism awards. Email: segun.adeyemi@corp.legit.ng.

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