Nigeria has yet to harness the potential for revenue generation in the $110 billion global bitumen market. A senator, Jimoh Ibrahim, said this in Abuja at a one-day public hearing on a bill to establish the Bitumen Development Commission.

The Senate Committee on Solid Minerals Development organised the public hearing.

Mr Ibrahim, who sponsored the bill, said Nigeria urgently needed to tap into the $110 billion global bitumen market to shore up its revenue profile and increase its GDP for the nation’s prosperity.

Mr Ibrahim decried that Nigeria, with the highest bitumen deposit after Canada and Venezuela, had yet to tap into the $110 billion global bitumen market due to lacking the required legal framework.

According to him, the $110 billion bitumen global market is currently controlled by nine countries.

He said some of the countries have fewer natural resources than Nigeria.

According to him, Ondo state has the highest bitumen deposit in Africa, estimated at $42 billion.

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

He said that the global bitumen and heavy oil resources are estimated to be 5.9 trillion barrels (937 billion m3), adding that more than 80 per cent of the resources are found in Canada, the US, Nigeria, and Venezuela.

He said the global bitumen market was valued at $107.12 billion in 2023 and is projected to reach 146.58 billion dollars by 2030. He listed the United States, Germany, United Kingdom, France, Italy, Spain, Russia, Poland, China, Japan, India, Malaysia, Columbia and Mexico as key players.

Chairman of the committee, Ekong Samson, said Nigeria required a legal framework to develop its mineral industry to expand its earnings, contribute greatly to the nation’s gross domestic product, and provide opportunities .

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

Some of the stakeholders who made presentations on the bill supported the establishment of the Bitumen Development Commission, while some called for modification on some sections of the bill.

(NAN)