Minister of Solid Minerals Development, Dr. Dele Alake, urged the 18 winners of the Bitumen blocks bidding process to develop Nigeria’s Bitumen deposits, given the country’s estimated 42 billion barrels reserve, the second largest in the world. He emphasized the need for Nigeria to become a major net exporter of Bitumen, rather than importing it, stating that “we have no choice but to make this a reality”.
Alake charged the concessionaires to comply with the terms of engagement, mining act, and engage with host communities through Corporate Social Responsibility (CSR) efforts, ensuring seamless operations and maximum beneficiation for investors, communities, and government. He promised government support for the investors, highlighting the potential for economic growth and diversification.
The Director-General of the Mining Cadastral Office, Engr. Obadiah Nkom, noted that this is the first successful concessioning of Nigeria’s Bitumen blocks, with 34 licenses granted, comprising 18 exploration licenses and 16 mining licenses. Dr. Alake inaugurated two committees to oversee Bitumen development: a ministerial committee chaired by Engr. Nkom and a Technical Committee chaired by Engr. Imam Ganiyu.
The committees’ Terms of Reference include making recommendations to sanitise the Bitumen production environment, ensure transparency, and advise the government on avoiding past mistakes in the oil industry. The Minister hinted at another round of bidding, encouraging the first-round winners to post superlative performance to attract prospective investors.
