The bill which is sponsored by Hon. Benjamin Okezie Kalu, along with Hon. Khadija Bukar Ibrahim and Hon. Babajimi Benson,aims to establish the Bio-Fuels Energy Regulatory Commission and the Bio-Fuels Research Agency, marking a crucial step in Nigeria’s efforts to combat climate change and diversify its domestic economy.
The deputy speaker However expressed concern that after 16 years, progress has been limited, with only a few Memoranda of Understanding in place. He identified one of the primary challenges hindering the development of the bio-fuel industry in Nigeria as the absence of a regulatory framework. Despite the existence of a biofuel policy, the lack of a legal and institutional foundation has impeded its effectiveness.
The Deputy Speaker who emphasized that the industry will generate additional tax revenue, create jobs, boost economic development, and empower rural communities said It will also lead to improved farming techniques, increased agricultural research, and higher crop demand.