Nigeria preparing to release major $100 billion biofuel incentive scheme

In Nigeria, the government is finalizing a biofuels promotion policy that includes incentives and financing of up to $100 billion in equity to jumpstart the biofuels industry in the country. A long list of tax breaks has been developed for would-be biofuel developers, providing them with “pioneer” status that sets them up for incentives. In addition to equity funding, low interest loans will also be available from the Bank of Industry (BOI), Nigerian Export Import Bank (NEXIM), commercial banks, agricultural banks and other institutions.