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 almost 80 percent of the resources are located in Nigeria, Venezuela, the United States of America, and Canada.
He bemoaned the fact that, in contrast to other nations endowed with natural resources, Nigeria lacks the necessary legal frameworks to explore its riches, which results in missed opportunities and significant market losses.
“Developing a legal framework for the regulation of bitumen development is one of the bill’s objectives,” he stated. To lead innovation and resource-based strategy in Nigeria’s bitumen development; to stop non-conventional sources from gaining an advantage over rivals in research-enhanced applications.
“The Bill will additionally guarantee the efficient utilisation of Nigeria’s more than 38 billion bitumen reserves and advance the Federal Government’s economic diversification policy.”
According to jerrymusa.com he continued by saying that the law aims to limit the commission’s operations to its regulating 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 possesses the largest deposit in Africa, with an estimated value of $42 billion.
“The proposed Bitumen Development Commission,” he declared. When it is constructed, it will accelerate the growth of bitumen in Nigeria, position it as a major player in the $147 billion worldwide market, and immediately provide 12,000 jobs for Nigerians.
Asphalted roads would also benefit different levels of government in different areas.
“Only 20,000 of Nigeria’s 200 000 kilometres of roads are sealed, even with imported bitumen, which is unacceptable and is being addressed by the proposed commission,” the speaker stated.
As put to voice votes by its President, Godswill Akpabio, the Senate passed the bill for a second reading because many of the senators who participated in the debate agreed with Jimoh Ibrahim’s submissions.
After praising Senator Ibrahim for introducing the development-oriented bill, Akpabio ordered the Senate Committee on Solid Minerals to provide more legislative input and provide a report in a month.