By Olugbenga Salami
In a bid to diversify Nigeria’s economy, the Senate has passed a bill to establish the Bitumen Development Commission of Nigeria to unlock potentials in the mineral sector.
The commission, when established would be charged with the responsibility of regulating the sector, issuing licenses, and attracting investment to unlock the estimated 42 billion tonnes of Nigeria’s bitumen deposits—believed to be the second-largest reserve in the world.
The piece of legislation, sponsored by Senator Jimoh Ibrahim (APC Ondo South), was passed following the presentation of the report of the Senate Committee on Solid Minerals Development, chaired by Senator Diket Plang (PDP Plateau Central) during plenary on Wednesday.
Senator Plang noted that the absence of a regulatory framework had hampered Nigeria’s ability to harness its bitumen wealth, which is concentrated in states like Ondo, Ogun, and Edo States.
He said: “This bill will establish a commission with the legal and institutional capacity to turn bitumen into a major revenue source, both for domestic infrastructure and export.”
Supporting the passage of the bill, its sponsor, Senator Ibrahim, noted that bitumen could generate over $82 billion annually, with massive potential to create jobs, support infrastructure development, and reduce Nigeria’s dependency on oil.
He said that Nigeria ranks the second largest bitumen reserves in the world, disclosing that when the bill is assented into law, the commission would be sited at Agbabu Ondo State, due to the large quantities of bitumen in the area.
Also, the Chief Whip Senate, Senator Tahir Monguno (APC Borno North) added that the bill aligns with the Federal Government’s economic diversification agenda under the Renewed Hope mantra.
In his remarks,, the President of the Senate, Senator Godswill Akpabio praised the initiative as “development-driven,” saying, “this is a significant step toward unlocking the vast potential of Nigeria’s mineral resources.”
