The Nigerian Senate has passed a landmark bill establishing the Bitumen Development Commission of Nigeria, aimed at harnessing the country’s massive bitumen reserves for national development.
With an estimated 42 billion barrels of bitumen deposits, particularly in Ondo, Ogun, Lagos, and Edo States, lawmakers said the move will unlock new opportunities for infrastructure growth, industrial development, and road construction across the country.
During plenary, senators highlighted the critical role bitumen can play in reducing Nigeria’s dependence on imported asphalt, adding that the commission will serve as a catalyst for investment, technology transfer, and job creation.
In a related development, the Senate also passed an amendment bill to the Raw Materials Research and Development Council (RMRDC) Act. The amendment seeks to promote the local processing of raw materials prior to export, a shift designed to encourage value addition, boost employment, and strengthen Nigeria’s global trade position
