▪︎Dele Alake

The Senate is worried about Nigeria missing out of the $110 billion bitumen global market.

The apex legislative Chamber, through its Committee on Solid Minerals, made the revelation on the $110 billion global bitumen market during public hearing on a bill seeking for an Act to establish Bitumen Development Commission.

The public hearing was organised by the Senate Committee on Solid Minerals, chaired by Senator Samson Ekong (PDP Akwa Ibom South).

Making a submission at the public hearing, the sponsor of the bill, Senator Jimoh Ibrahim (APC Ekiti South), lamented that Nigeria which has the highest deposit of bitumen after after Canada and Venezuela, has not tapped into the $110 billion global bitumen market due to lack of required galvanization.

The $110 billion bitumen global market according to him, is currently being controlled by Nine countries in the world, some of which have less quantities of the Natural resources when compared to Nigeria, stating that Ondo State has the highest deposit of bitumen in Africa with an estimated value of $42 billion.

“Earnings from bitumen deposit in Nigeria, if properly harnessed, can finance Nigeria’s budget”, he said.

He added that the global in-place bitumen and heavy oil resources are estimated to be 5.9 trillion barrels (937 billion m3); more than 80 percent of these resources are found in Canada, the US, Nigeria, Venezuela.

The global bitumen market according to him, is valued at USD 107.12 billion in 2023 and is projected to reach USD 146.58 billion by 2030 which presently has the United States, Germany, UK, France, Italy, Spain, Russia, Poland,China, Japan, India, Malaysia, Columbia and Mexico as key players..

“Bitumen Development Commission of Nigeria will lead innovation and improved strategy of finance resource. A good case of the impressive alternative revenue for Nigeria,” he stressed.

The Chairman of the Committee, ,Senator Ekong said Nigeria need a legal inroad to develop her mineral industry to expand her earning power and contribute greatly to the nation’s Gross Domestic Product (GDP) and provide ample job opportunities.

He commended the sponsor of the bill for his passion for the development of the solid mineral sector and for bringing to the limelight the vast deposits of bitumen in Ondo State and other states like Edo, Ogun, Akwa Ibom and Lagos states. ▪︎

Leave a Reply

Your email address will not be published. Required fields are marked *