The Senate on Wednesday passed a bill aimed at establishing the Bitumen Development Commission in Nigeria.
The legislation scaled through its third reading after the Senate Committee on Solid Minerals Development presented and reviewed its report.
While presenting the report, Senator Diket Plang (APC, Plateau Central), a member of the committee, backed the creation of the commission as proposed by the bill’s sponsor, Senator Jimoh Ibrahim (APC, Ondo South).
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Senator Plang informed the Senate that the committee, in accordance with legislative procedures, held a public hearing on the bill and received overwhelming support from critical stakeholders across the country. The consensus was that a regulatory body is urgently needed to oversee the exploration, exploitation, and production of Nigeria’s estimated 42 billion tonnes of bitumen deposits, the second-largest reserve in the world.
In his remarks, Senate President Godswill Akpabio commended Senator Ibrahim and the Committee on Solid Minerals Development for what he described as a development-driven initiative.
“This is a significant step toward diversifying Nigeria’s economy and unlocking the vast potential of our mineral resources,” Akpabio stated.
The proposed Bitumen Development Commission is expected to serve as a regulatory and development agency to drive investment and innovation in the bitumen sector, positioning Nigeria as a key player in the global bitumen industry.
