Lagos — As part of the Ekiti State Government's efforts to accelerate rapid economic and industrial development of the state, Governor Segun Oni will today lay the foundation stone of a $22.3 million dual purpose Biofuel Refinery in Ipao-Ekiti, Ikole Local Government Area of the State.

A statement signed by the Press Secretary, Mr. Wale Ojo-Lanre stated that a team of Chinese investors led by Engr. Daniel Lee, President, FL Engineering, the Chinese Technical Partner, were already in the state for the flag-off of the project.

Ojo-Lanre said the ceremony would have in attendance top government functionaries, traditional rulers and captains of industry.

"The project is one of the Public Private Partnership initiatives of the government aimed at attracting foreign direct investment (FDI) for the rapid economic development of the state.

"With the strong commitment of its Chinese Technical partners, the FL Engineering, the project has potentials to provide over 25,000 jobs through both direct and indirect employment.

"Upon completion, the refinery will have the capacity to produce 30,000 metric tonnes of biofuel per annum, using cassava as raw material. The refinery will also produce fuel grade ethanol with by-products such as organic fertilizer, insecticide, and carbon dioxide.

"It will be a major source of bio-gas energy in the state and is expected to be completed within 22 months," Ojo-Lanre said.