By Nathaniel Zaccheaus, Abuja
After two years of legislative deliberation, the Nigerian Senate passed the bill establishing the Bitumen Development Commission on Wednesday, setting the stage for Nigeria to tap into one of the world’s largest untapped bitumen reserves, particularly in Ondo State.
The bill, sponsored by Senator Jimoh Ibrahim (APC, Ondo South), scaled third reading following the presentation and adoption of the report by the Senate Committee on Solid Minerals Development. Senator Diket Plang (APC, Plateau Central) presented the committee’s report, which received overwhelming support from senators.
The commission, once established, will serve as the regulatory body for bitumen exploration, development, and production across the country.
Nigeria is home to an estimated 42 billion tonnes of bitumen—second only to Canada and Venezuela—yet the resource remains largely underdeveloped.
At a public hearing earlier held on the bill, stakeholders from across the industry voiced strong support for the initiative.
They emphasised the urgent need to unlock Nigeria’s dormant solid mineral wealth.
Senator Plang noted that the commission would ensure the transparent and professional management of the sector, paving the way for economic diversification and industrial growth.
Senate President Godswill Akpabio commended Senator Ibrahim and the committee for what he described as a “development-driven initiative.”
He stated that the creation of the commission was long overdue and that it would help reposition Nigeria’s economy by reducing over-reliance on crude oil.
*Nigeria eyes $42bn deposit in Ondo
Senator Ibrahim, speaking on the bill’s passage, underscored the enormous economic opportunity Nigeria stands to gain.
He revealed that the global bitumen market, currently valued at over $110 billion, is dominated by countries with far smaller reserves than Nigeria.
He noted that nine countries currently control the industry, none of which possess deposits as large as Nigeria’s.
Ondo State, according to him, holds Africa’s largest bitumen deposit, conservatively valued at $42 billion.
Harnessing these reserves, he argued, could significantly contribute to Nigeria’s national budget and open up substantial investment and employment opportunities.
Globally, over 80 per cent of bitumen and heavy oil reserves are found in Canada, the U.S., Venezuela, and Nigeria.
Senator Ibrahim expressed optimism that the commission would catalyse economic transformation and innovation in the country’s solid minerals sector.
Beyond revenue, the Bitumen Development Commission is expected to facilitate national infrastructure development, particularly in road construction, and provide direct and indirect jobs for professionals, including geologists, engineers, and other technical experts.
With the global bitumen market projected to grow from $107.12 billion in 2023 to $146.58 billion by 2030, Nigeria is poised to emerge as a key player.
The bill’s passage signals a strong intent by the government to diversify the economy and maximise its solid mineral potential.
Senator Ibrahim concluded by calling for swift executive assent to the bill, describing it as a strategic pathway toward sustainable development and energy independence.
