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. 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 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.

Source: Punch November 24, 2023 11:26 UTC