The Nigerian Senate on Wednesday gave final legislative approval to a bill establishing the Bitumen Development Commission, signaling a strategic move to tap into the country’s enormous bitumen reserves and expand its non-oil economic base.
The bill, championed by Senator Jimoh Ibrahim (APC, Ondo South), passed its third reading after lawmakers adopted the report of the Senate Committee on Solid Minerals Development, presented by Senator Diket Plang.
According to Plang, the commission is designed to oversee the regulation, exploration, and development of Nigeria’s estimated 42 billion tonnes of bitumen deposits—a resource base widely considered to be the second largest globally.
He emphasized that proper institutional oversight was crucial to maximizing the country’s competitive advantage in the bitumen market.
Senate President Godswill Akpabio hailed the bill’s passage as a milestone for economic diversification, saying the commission would not only enhance regulatory efficiency but also serve as a catalyst for job creation, industrialization, and rural development.
READ ALSO: Ondo State’s Low-Debt Economy: Missed Opportunity Or Untapped Frontier?
“This is a forward-looking step toward unlocking one of Nigeria’s most underutilized natural resources,” Akpabio said. “The Bitumen Development Commission will ensure the nation transitions from resource potential to actual wealth creation.”
Industry experts say that if effectively managed, Nigeria’s bitumen sector could rival the oil and gas industry in terms of revenue and job opportunities—particularly for states like Ondo, Ogun, and Lagos, where deposits are concentrated.
The bill now proceeds to the House of Representatives for concurrence before being transmitted to the President for assent.