Nigeria Will Become Net Exporter Of Bitumen With 42 Billion Barrels- Alake

The Minister of Solid Minerals Development, Dele Alake, has said that Nigeria has sufficient deposits of Bitumen that will make it become a net exporter.

Alake said Nigeria has 42 billion barrels of the resources.

The minister said this after the conclusion of the bidding process of the first round of bitumen blocks in Abuja.

At the meeting with concessionaires, Alake urged the investors to fulfill their obligations by complying with the engagement terms and the mining act.

He said, “With an estimated reserve of 42 billion barrels of Bitumen and the second largest deposit in the world, Nigeria has no business importing Bitumen.

“We should be a major net exporter to the rest of the world, and we have no choice but to make this a reality.

“We want to know for instance as you move forward, how much of taxes you are paying, the royalties you are remitting, the local value addition that you are putting in place, the local employment generation or the multiplier effect and then the impact on your host communities.

“I will advise that you endeavour to engage your host communities and get their buy-in through Corporate Social Responsibility (CSR) and other efforts you can make to ensure seamless operations which will culminate in maximum beneficiation for you as investors, the communities and government.”