The Senate, on Thursday, sought the inclusion of Nigeria in the $147bn global bitumen market with the passage for a second reading, a bill seeking the establishment of a Bitumen Development Commission.
Senator Jimoh Ibrahim (APC, Ondo South), who sponsored the bill, said Nigeria has 38bn bitumen reserves.
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According to Ibrahim, Ondo State has the highest bitumen deposit in Africa, valued at $42bn. He said other states, like Ogun, Edo, Lagos and Akwa-Ibom, also have bitumen deposits.
Ibrahim said, “The objectives of the bill include the need to develop a legal framework for the regulation of the bitumen development in Nigeria; to prevent unconventional sources from taking advantage of research-enhanced applications over other competitors; and to lead innovation and resource-based strategy in the development of bitumen in Nigeria.
“The bill will also ensure effective utilisation of over 38 billion reserves of bitumen in Nigeria, and promote the economic diversification policy of the Federal Government.
“The proposed Bitumen Development Commission, when established, would fastrack the development of bitumen in Nigeria, make her a key player in the $147bn global market and create instant 12,000 jobs for Nigerians.
“It would also help the government at various levels to put in place asphalted roads in various 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.”
Many of the senators, who contributed to the debate on the bill, concurred with Jimoh Ibrahim’s submissions, making the Senate pass the bill a second reading.