Nigeria's state-run oil firm NNPC signed an agreement with Brazil's PetroBras and COIMEX to take-off the Nigeria ethanol fuel program, state media reported Tuesday.
"This initiative is part of the economic reform agenda of government which is aimed at rejuvenating and repositioning the economy," Funsho Kupolokun, head the Nigerian National Petroleum Corp. (NNPC), said at the signing ceremony.
He said the program would save Africa's top oil producer between 100 million and 130 million dollars annually, the News Agency of Nigeria reported.
"I hope consumers will start buying ethanol fuel early next year given the work program on ground,'' he said.
Messrs Samir Anwad of PetroBras said Brazil adopted ethanol fuel initiative 30 years ago and was willing to share its experiences with Nigeria to achieve the desired objectives.
He also said that the agreement was a clear demonstration of South-South cooperation between Nigeria and Brazil.