BIOFUEL: THE POWER OF NATURE HARNESSED FOR A SUSTAINABLE TOMORROW

Have you ever pondered whether Nigeria can survive if petroleum seizes to be in existence? Have you ever thought of any other means of generating energy apart from petroleum? Do you see subsidy removal as an evil or a good step by the government? In this article, we’ll talk about the benefits of using biofuel as a source of energy, its potential applications, and the opportunities and challenges that lie ahead. With the subsidy removal, petroleum production might reduce drastically but this should create a medium through which other sources of energy are harnessed. Biofuel Energy is one of the new potential ways of generating energy and of course, the subsidy removal is a good step taken by the government. Now let's delve in.

Biofuels are liquid, solid, or gaseous fuels produced from renewable biological sources or organic materials such as crops, wastes, or algae. Biofuels are produced through a variety of processes, including fermentation, distillation, and chemical conversion, and can be used to replace fossil fuels in power vehicles, generate electricity, and provide heating and cooling. Biofuels have the potential to reduce greenhouse gas emissions, enhance energy security, and create new economic opportunities. In this article, you will learn about the economic and social impacts of biofuel, development and deployment, and how they can be assessed and addressed. We will also explore subsidy removal, its benefit and the importance of choosing biofuel energy.

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STAND ON SUBSIDY REMOVAL

A subsidy is a benefit given to an individual, business, or institution, usually by the government. It can be direct (such as cash payments) or indirect (such as tax breaks). The subsidy is typically given to remove some type of burden, and it is often considered to be in the overall interest of the public, given to promote a social good or an economic policy. The removal of fuel subsidies can have various social, ecological, and economic impacts which might be positive or negative. However, the positive impact is more worthwhile. Positive impact includes:

Increasing economic activity.
Improvement of the standard of living.
Enhances the development of cleaner and more sustainable sectors.

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JUSTIFICATION FOR CHOOSING BIOFUEL ENERGY

According to researchers at the University of Idaho and the U.S. Department of Agriculture, for every fossil fuel energy unit needed to grow and refine soybeans for biodiesel, four and a half units of energy are generated. Hence leading to Energy efficiency.

Biofuel is about 90% of its oil, which makes the country vulnerable to fluctuations in the global oil market. But with biofuels, there will be a reduction in foreign oil dependency.
Positive economic impact by boosting agriculture, fuel availability and less expensive employment opportunities. It also improves the quality of life of citizens.
It enables and encourages a low level of pollution and also avoids the reduction of particulate emissions. For example, biofuels create useful by-products such as carbon (iv) oxide which the plants use.
The use of renewable energy like biofuel can help significantly reduce greenhouse gases that contribute to global warming. One study out of Australia showed that the use of biodiesel made from cooking oil could reduce greenhouse gas emissions by as much as 87 per cent.
Biofuels are renewable. Therefore, a significant benefit of using biogas or biofuel is that it’s more sustainable than its fossil fuel counterpart.
A final benefit of using biofuels is that they offer high-quality performance. Biofuels can be used in existing diesel engines with little or no modifications necessary.

NIGERIAN BIOFUEL POLICY AND INCENTIVES

The country issued the Nigerian Biofuel Policy and Incentives in 2007 in response to the transportation fuel supply Issue and to create a favourable investment climate for Nigeria's entry into the biofuel sector. Researchers assessed the progress made thus far by Nigeria, 4 years after the Nigerian biofuel was released in an attempt to answer the question of whether the policy is adequate to transform Nigeria into a biofuel economy.

According to the report, minimal progress has been made, including the start of the construction of 20 bioethanol factories, the installation of biofuel handling facilities at two depots (Mosimi and Atlas Cove), and the selection of retail locations for biofuel/conventional fuel mix. The announced biofuel projects' site-building is now delayed, and other activity is little. As a result, it can be said that the Nigerian biofuel policy is unlikely to transform Nigeria into a biofuel economy unless the government reverts and refocuses on biofuel and includes additional financial incentives such as grants and subsidies to supplement the policy's tax waivers (income, import duty, VAT), loans, and insurance cover.

ASSESSING AND ADDRESSING THE IMPACTS OF BIOFUELS

With the economic and social pact of biofuel put into consideration, a holistic, transparent, and participatory approach is essential to assess and address these impacts. Life cycle analysis (LCA), socio-economic analysis (SEA), sustainability certification (SC), and multi-stakeholder dialogue (MSD) are tools that can be used to evaluate the effects of biofuels.

In conclusion, in the coming years, by addressing potential limitations, leveraging technological advancements, and implementing a comprehensive sustainable adoption plan for the successful integration of biofuel energy as the new energy source, we can expect to see a growing number of biofuel projects in Nigeria.