The Nigerian Senate has approved the establishment of the Bitumen Development Commission, following the passage of a bill to that effect on Wednesday.
The bill scaled through its third reading after the Senate Committee on Solid Minerals Development presented and reviewed its report.
While delivering the committee’s findings, Senator Diket Plang (APC, Plateau Central) supported the proposal, sponsored by Senator Jimoh Ibrahim (APC, Ondo South), to set up the commission.
Mr Plang told his colleagues that the committee had organised a public hearing on the matter, which attracted widespread approval from key stakeholders nationwide.
According to him, there was a general agreement that Nigeria urgently requires a dedicated regulatory body to oversee the management, exploration, and utilisation of the country’s estimated 42 billion tonnes of bitumen reserves—the second-largest globally.
READ ALSO: Ex-Senate president David Mark officially quits PDP after 27 years
Senate President Godswill Akpabio praised Senator Ibrahim and the Solid Minerals Committee for championing the bill, describing it as a timely initiative that would contribute significantly to national development.
“This marks a vital move towards broadening Nigeria’s economic base and tapping into the immense opportunities within the solid minerals sector,” Mr Akpabio said.
Once established, the Bitumen Development Commission will regulate and promote investment in bitumen production, aiming to position Nigeria as a major player in the international bitumen market.
