Fed Govt eyes forex from methylformate September 23, 2020 in Business

DEVELOPMENT of domestic capacity in methylformate-based innovations and production will boost the country’s foreign reserves and enhance its compliance status as climate-friendly. Speaking at the inauguration of Systems House of Vitapur Nigeria Limited on Tuesday in Ikeja, Lagos, Minister of Environment, Dr. Mohammad Abubakar, said the Federal Government was committed to boosting its foreign reserves by unlocking domestic capacity such as domestic capacity in methylformate productions.

He said domestic capacity in methylformate would help in phasing out ozone depleting substances and mitigate climate change noting that such technological innovation also has potential to enhance Nigeria’s foreign exchange earnings, among other.

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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.

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