On Thursday, the Senate passed a bill proposing the creation of a Bitumen Development Commission, paving the way for Nigeria to join the $147 billion global bitumen market.
Senator Jimoh Ibrahim (APC Ondo South) sponsored the bill.
He told the Senate that over 80 percent of the resources are in Nigeria, Venezuela, the United States of America, and Canada.
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He bemoaned the fact that, in contrast to other nations endowed with natural resources, Nigeria lacks the necessary legal frameworks to explore its resources, which results in missed opportunities and significant market losses.
He stated, “The Bill’s objectives include the need to lead innovation and resource-based strategy in the development of bitumen in Nigeria; to prevent unconventional sources from taking advantage of research-enhanced applications over other competitors; and to develop a legal framework for the regulation of bitumen development in Nigeria.”
“The Bill will additionally guarantee the efficient utilization of Nigeria’s more than 38 billion bitumen reserves and advance the Federal Government’s economic diversification policy.”
He continued by saying that the bill aims to limit the commission’s operations to its regulatory and coordinating duties, particularly with regard to the advancement of bitumen in Nigeria.
Aside from deposits in Ogun State, Edo, Lagos, and Akwa-Ibom States, Senator Ibrahim claims that Ondo State alone has the largest deposit in Africa, with an estimated value of $42 billion.
“The establishment of the proposed Bitumen Development Commission would expedite the advancement of bitumen in Nigeria, position her as a major player in the $147 billion global market, and generate immediate employment opportunities for 12,000 Nigerians,” he declared.
Asphalted roads would also benefit different levels of government in different communities.
Out of the 200, 000 kilometres of roads in Nigeria, only 20, 000 are asphalted even with imported Bitumen which is not good and being addressed with the proposed commission,” he said. Many of the senators who contributed to the debate on the bill concurred with Jimoh Ibrahim’s submissions, making the Senate, as put to voice votes by its President, Godswill Akpabio, pass it for a second reading. Akpabio, who commended Senator Ibrahim for sponsoring the development-driven bill, mandated the Senate Committee on Solid Minerals to make further legislative inputs on it and report back in a month’s time.