New Legislation Seeks to Boost Nigeria’s Bitumen Sector

The Senate has recently passed the second reading of a bill centred on the development of a legal framework for the exploration, production, and export of bitumen within the country. Senator Jimoh Ibrahim, representing Ondo South, delivered the Lead Debate in support of the bill, advocating for the establishment of the Bitumen Development Commission of Nigeria. The senator expressed confidence that this agency would make a significant contribution to revenue generation for the nation whilst overseeing the entire bitumen process. He emphasised that the exploration of bitumen in Nigeria is in accordance with the federal government’s economic diversification policy. The bill seeks to establish a regulatory framework for bitumen development, prevent unconventional sources from gaining undue advantage, support innovation and resource-based strategies, ensure the efficient utilisation of Nigeria’s over 38 billion bitumen reserves, and promote economic diversification policies.