A bill sponsored by Senator Jimoh Ibrahim (APC, Ondo South) aims to unlock Nigeria’s vast bitumen reserves, valued at $42 billion by World Bank statistics.
The bill, titled: “A Bill for the Promotion of Research, Study, Investment, Exploration, Production, Exportation, Development, and Utilization of Locally Sourced Bitumen in Nigeria, and for Related Matters, 2025” (SB.07), seeks to provide a legal framework for the promotion and regulation of bitumen exploration and production in Nigeria.
Addressing journalists shortly after plenary on Wednesday, Senator Ibrahim announced that Agbabu, Ondo State, will serve as the headquarters for the proposed Bitumen Commission. He highlighted the unique advantage of Agbabu, where bitumen deposits are readily accessible, requiring zero exploration. “The bitumen is already there. You just put your pipe and then you start taking it off,” he explained.
The senator emphasized that the bill would generate employment, provide opportunities for big investments, and increase revenue for the federal government. With Nigeria having the second-largest bitumen reserves in the world, after Venezuela, the senator believes it’s a good time for the country to make money.
Senator Ibrahim noted that Nigeria has 300,000 kilometers of roads, with only 10% already tarred with bitumen. He emphasized that the remaining 280,000 kilometers of roads still need bitumen, and importing it would be unnecessary with local production.
The senator addressed concerns about climate change, stating that every country faces climate change challenges. He emphasized the need for revenue to mitigate the effects of climate change and suggested that polluters should pay for polluting the environment.
With its vast bitumen reserves and strategic location, Nigeria is poised to benefit from the global bitumen market. The bill has the potential to unlock Nigeria’s economic potential and drive growth. As Senator Ibrahim said: “It’s a good time for Nigeria to make money now.”
