Nigeria missing out on $110bn global bitumen market 

Sharon EboesomiJuly 5, 20243 min

With an estimated worth of $42 billion, Senator Jimoh said Nigeria possesses the largest bitumen resource in Africa.

We are missing out on $110bn global bitumen market - Senate 

The Senate has disclosed that the country is missing out on the $110billion bitumen global market.

A public hearing held on Thursday on a bill seeking an Act on the formation of a Bitumen Development Commission, organised by the senate committee on solid minerals and chaired by Senator Ekong Sampson (PDP, Akwa-Ibom South), brought attention to the necessity for Nigeria to participate in the $110 billion worldwide industry. 

In the course of the public hearing, the bill’s sponsor, Senator Jimoh Ibrahim (APC, Ondo South), bemoaned the fact that Nigeria, possessing the world’s third-largest bitumen deposit after Venezuela and Canada, had still not capitalised on the $110 billion global market. According to him, nine countries worldwide, some of which have lower natural resource levels than Nigeria, presently control the $110 billion global bitumen industry.  

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

READ ALSO: Senate initiates move on bitumen exploration as solution to national development  

He went on to say that the world’s estimated in-place heavy oil and bitumen deposits are 5.9 trillion barrels (937 billion m3), with over 80 percent of these resources located in the US, Canada, Nigeria, and Venezuela. The United States, Germany, the United Kingdom, France, Italy, Spain, Russia, Poland, China, Japan, India, Malaysia, Columbia, and Mexico are now the major players in the world, which he estimates to be worth USD 107.12 billion in 2023 and USD 146.58 billion by 2030.

Bitumen Development Commission of Nigeria will lead innovation and improved strategy of finance resource. A good case of the impressive alternative revenue for Nigeria,” he stressed.

The committee’s chairman, Senator Ekong, stated that Nigeria needed legal access to grow its mineral business in order to increase its earning potential, significantly boost the GDP of the country, and create a large number of jobs. He praised the bill’s sponsor for his dedication to growing the solid mineral industry and bringing attention to the massive bitumen deposits in Ondo State as well as other states like Edo, Ogun, Akwa Ibom, and Lagos.

STAR Check: Nigerians, particularly, constituents of Ondo South district, can keep tabs on the legislative performance of Sen. Ibrahim throughout the 10th senate here.

Sharon Eboesomi

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