Senate passes Bitumen Development Commission Bill
Senate passes Bitumen Development Commission Bill
The Senate on Wednesday passed a bill seeking to establish the Bitumen Development Commission, marking a significant legislative step towards harnessing the countryโs vast bitumen resources.
Its passage followed the presentation and adoption of the report of the Senate Committee on Solid Minerals Development, which conducted a review of the bill.
The report was presented by Sen. Diket Plang (APC-Plateau) on behalf of the chairman of the committee.
The Voice Media Trust (VMT NEWS) reports that the bill was sponsored by Sen. Jimoh Ibrahim (APC-Ondo).
The bill aims to create a dedicated regulatory body that will oversee the exploration, exploitation and management of Nigeriaโs estimated 42 billion tonnes of bitumen reserves.
Nigeria has the second largest deposit of bitumen in the world, after Canada.
Presenting the report, Plang said the committee held a well-attended public hearing where stakeholders from across the mining and energy sectors unanimously supported the passage of the bill.
He said the establishment of the Bitumen Development Commission was widely endorsed as a critical step towards diversifying the economy, reducing dependency on crude oil.
โAnd enhancing infrastructure development through the domestic production of bitumen for road construction.
โThe bill among others seeks to make Nigeriaโs exportable raw materials attractive in international markets through value addition,โ he said.
He added that it would strengthen local manufacturing sector, reduce dependency on import and ensure sustainable economic development through the promotion of local processing of raw materials.
โStakeholders agreed that the commission is long overdue considering the strategic importance of bitumen in national development.
โAnd the fact that Nigeria continues to import bitumen in spite of having one of the largest reserves globallyโ.
He further noted that the commission, once established, would help coordinate investment in bitumen development, standardise production processes, ensure environmental safety, and attract foreign and local investors to the sector.
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In his remarks, the President of the Senate, Godswill Akpabio, commended Sen. Jimoh Ibrahim for sponsoring the bill and lauded the Committee on Solid Minerals Development for its diligence.
Akpabio described the bill as a โdevelopment-driven initiativeโ that aligns with the federal governmentโs efforts to unlock the potentials of Nigeriaโs solid minerals sector.
โThis is a landmark development. We must begin to look beyond oil and this Commission will create the framework for Nigeria to finally tap into its bitumen wealth and grow our economy in a sustainable way,โ Akpabio said.
