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FG to Boost Foreign Revenue Through Methylformate Production

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FG to Enhance Methylformate Production

The Federal Government has started unlocking domestic capacity to up foreign revenue generation and deepen domestic productions through various means including enhancing the production of methylformate.

The Minister of Environment, Dr. Mohammad Abubakar, disclosed this during the inauguration of Systems House of Vitapur Nigeria Limited on Tuesday in Ikeja.

He said the Federal Government was committed to improving the nation’s foreign reserves by unlocking domestic capacity in methylformate productions.

Speaking further he said domestic capacity in methylformate would help in phasing out ozone depleting substances and mitigate climate change, adding that such technological innovation also has potential to enhance Nigeria’s foreign revenue generation, among others.

According to him, such domestic production have advantages, including availability of ozone-friendly and low global potential blowing agents in the production of rigid foam, generation of forex for the country from export of methylformate and forex savings from local production, building of local capacity in the formulation of methylformate-based systems and consequently generation of employment and wealth.

The methylformate systems will serve as source of raw material to ice making machine manufacturers. The project will lead to increased capacity utilisation in enterprises that will be using the methylformate being produced by Vitapur,” Abubakar said.

He reiterated the commitment of the government towards creating enabling environment that will enhance the global competitiveness of manufacturers, especially through fiscal incentives.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.