Senate calls for Nigeria to join $147 billion global asphalt market
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The Senate in Abuja passed a bill calling for the establishment of an Asphalt Development Commission, taking legislative action to include Nigeria in the $147 billion global asphalt market.
As stated in the bill proposed by Senator Jimoh Ibrahim (APC, Ondo South), Nigeria has 5.9 trillion barrels (938 billion square meters) of asphalt and heavy oil resources, which is similar to that of Venezuela. It is in second place.
He specifically informed the Senate that more than 80% of the world’s asphalt is found in Canada, the United States, Venezuela and Nigeria. He, however, lamented that Nigeria lacks a legal framework for exploration while other countries have developed it through necessary laws and legal frameworks.
According to him, “The objectives of this bill include the need to develop a legal framework to regulate asphalt development in Nigeria. Unconventional sources strengthened by research over other competitors leading to innovation and resource-based strategies in asphalt development in Nigeria.
“The bill will also ensure effective utilization of Nigeria’s over 38 billion bitumen reserves and facilitate the Federal Government’s economic diversification policy.”
He added that the bill, among other things, seeks to limit the activities of the commission specifically related to the development of asphalt in Nigeria to regulatory and coordinating functions.
According to him, apart from deposits in Ogun, Edo, Lagos and Akwa Ibom states, Ondo state alone has the largest number of mineral deposits in Africa, with an estimated value of $42 billion. .
“The establishment of the proposed Asphalt Development Board will accelerate the development of asphalt in Nigeria, making Nigeria a key player in the $147 billion global market and creating 12,000 jobs for Nigerians instantly. It turns out.
“It will also help governments at different levels install asphalted roads in different communities. Of the 200,000 kilometers of roads in Nigeria, only a fraction of them are asphalted, even if imported asphalt is used. is only 20,000 kilometers,” he said.
Many of the senators who contributed to the debate on the bill agreed with Jimoh Ibrahim’s proposal, which led the Senate to pass it for second reading with a voice vote from President Godswill Akpabio.
The Senate President commended Senator Jimoh Ibrahim for sponsoring the development-driven bill and ordered the Senate Solid Minerals Committee to provide further legislative input on the bill and report back in one month.
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Source: dailypost.ng