Nigeria is yet to tap from the potential for revenue generation in the 110billion dollars global bitumen market.
Sen. Jimoh Ibrahim said this in Abuja at a one-day public hearing on a bill for establishment of a Bitumen Development Commission.
The public hearing was organised by the Senate Committee on Solid Minerals Development.
Ibrahim blamed that Nigeria with the highest deposit of bitumen after Canada and Venezuela, was yet to tap into the 110billion dollars global bitumen market due to lack of required legal framework.
He said there was an urgent need for Nigeria to tap into it to support its revenue profile, increase its GDP for prosperity of the nation.
‘The market, according to him, is currently being controlled by nine countries in the world.’
Some of the countries have less quantities of the natural resources when compared to Nigeria.
According to him, Ondo State has the highest deposit of bitumen in Africa with an estimated value of 42billion dollars. 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, Venezuela.
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