Business & Economy
FG loses $110bn from global bitumen market – Senate …As Stakeholders support establishment of Bitumen Development Commission
By George Mgbeleke
The Senate through its committee on Solid Minerals , declared on Thursday that Nigeria is missing out of the $110billion bitumen global market .
This is as the various stakeholders in the solid minerals sector , threw their weight behind establishment of Bitumen Development Commission .
Need for Nigeria to tap into the $110billion global bitumen market , came to the fore during public hearing on bill seeking for an Act on establishment of Bitumen Development Commission , organized by the Senate Committee on Solid Minerals chaired by Senator Samson Ekong ( PDP Akwa Ibom South ) .
In his submission at the public hearing , the sponsor of the bill, Senator Jimoh Ibrahim ( APC Ekiti South) , lamented that Nigeria which has the highest deposit of bitumen after after Canada and Venezuela, has not tapped into the $110billion global bitumen market due to lack of required galvanization.
The $110billion bitumen global market according to him, is currently being controlled by Nine countries in the world , some of which have less quantities of the Natural resources when compared to Nigeria .
He specifically stated that Ondo State has the highest deposit of bitumen in Africa with an estimated value of $42billion .
” Earnings from bitumen deposit in Nigeria , if properly harnessed, can finance Nigeria’s budget”, he said.
He added that the global in- place bitumen and heavy oil resources are estimated to be 5.9 trillion barrels (937 billion m3); more than 80 percent of these resources are found in Canada, the US, Nigeria, Venezuela.
The global bitumen market according to him , is valued at USD 107.12 billion in 2023 and is projected to reach USD 146.58 billion by 2030 which presently has the United States, Germany, UK, France, Italy, Spain, Russia, Poland,China, Japan, India, Malaysia, Columbia and Mexico as key players .
” Bitumen Development Commission of Nigeria will lead innovation and improved strategy of finance resource. A good case of the impressive alternative revenue for Nigeria “, he stressed.
The chairman of the Committee, ,Senator Ekong said Nigeria need a legal inroad to develop her mineral industry to expand her earning power and contribute greatly to the nation’s Gross Domestic Product (GDP) and provide ample job opportunity.
He commended the sponsor of the bill for his passion in the development of the solid mineral sector and bringing to the limelight the vast deposits of bitumen in Ondo State and other states like Edo, Ogun, Akwa Ibom and Lagos states.
branch chairman of the union, Mr. Etebu Ebiyefe,
By Abdul-Ganiyy Akanbi,Abuja
A faith-based registered Civil Society Organization, CSO, that reports and advocates for workable Hajj policies, the Independent Hajj Reporters, IHR, has called on the States’ Muslim Pilgrims Welfare Boards, SMPWBs to conduct a special enlightenment programme to intending pilgrims on Saudi Arabian currency denominations.
The group, in a statement signed and released on Friday by its national coordinator Ibrahim Muhammad, said: “Now that the Central Bank of Nigeria, CBN has approved the payment of 2025 Hajj BTA via cash payment in US dollars, we call on States Muslim Pilgrims Welfare Boards, agencies and Commission to organize a special enlightenment program to educate Nigerian pilgrims on currency denominations especially on the exchange rates between US dollars and Saudi Riyals.”
It added: “Most of the Nigerian pilgrims are not conversant with foreign currencies especially US dollars and Saudi Riyals, and can hardly identify the value of each denomination unless they are guided during hajj, where hundreds of thousands of pilgrims engage in financial transactions.
“Given the above, Nigerian pilgrims should also be shown the Saudi Riyals currency denomination so that they can be able to identify such whenever they need to change US dollars to Saudi Riyals or make a purchase using either of the two currency denominations.
“This call is important due to past experiences where some dubious Saudi-based individuals shortchanged our dear pilgrims whenever they make purchases or try to convert their BTA to US dollars.”
IHR warned that Nigerian female pilgrims who patronize unregulated dental services to change their teeth as soon as they arrive in Madinah are more vulnerable to being shortchanged.
The group also pleaded with airlines to use the onboard educational system to educate pilgrims on the same subject as a way of corporate social responsibility to help mitigate the risks of financial losses on the part of intending pilgrims.
“Understanding denomination in today’s currency circulation is crucial as it serves as the foundation of all monetary transactions worldwide. It will enable pilgrims to comprehend the value of their BTA.
“According to the Central Bank of Saudi Arabia, SAMA, the most-exchanged foreign currencies during Hajj are the US dollar, the euro, the Singapore dollar, the Indian rupee, the Indonesian rupiah, the Emirati dirham and the Malaysian ringgi,” IHR stated.
Recipients at the Almajirai Vocational center in Borno state
Ekowe Fed-Poly workers down tool over unpaid Dues
By David Owei, Baylesa The Non-Academic Staff Union (NASU) Federal Polytechnic of Ekowe, Bayelsa State, has embarked on strike over...
Niger State AG, Commissioner for Justice seeks collaboration with Police to end thuggery, Youth restiveness
By Uthman Baba-Al-Naseer, Minna The Attorney General and Commissioner for Justice in Niger State Barrister Nasiru Mua’zu, has requested...
Conclave Selection of Pope Francis Successor begins May 7-Vatican
To fill the vacuum created by the exit of late Pope Francis,Catholic cardinals from across the globe will meet on...
El-Rufai visits Emir of Kano, touts SDP as credible alternative to APC, PDP
A chieftain of the Social Democratic Party, SDP, Nasir El-Rufai, on Monday visited the Emir of Kano, Muhammadu Sanusi II,...
2027: Igbo Traditional Rulers Pledge Support for Tinubu’s Re-Election Bid …as Deputy Speaker, Kalu Assures of More Development in S/East
By Our Correspondent Ahead of 2027 general election, Traditional rulers from the five geopolitical zone of South East have pledged...
NLNG Launches VIBES As Economic Empowerment Scheme For Host Communities In Rivers
By Our Correspondent In an effort to empower youths of Niger Delta region in vocational scheme, Nigerian Liquefied Natural Gas...
WAEC, NECO to adopt CBT for exams 2026
By Our Correspondent In a bid to ensure that Nigerian students compete favourably with their counterparts in West African subregion,...
INEC tasks NASS to speedy action on Review of Electoral Act *Says amendment offers Nigerians in Diaspora platform to vote
By George Mgbeleke,Abuja Ahead of the 2027 general election, Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood...
Pro-Wike group demands probe of shooting incident at rally, commends security forces
By David Owei ,Baylesa The Pro-Wike group, the NEW Associates, has demanded a thorough investigation of the shooting incident at...
Pope Francis burial:Draw A Line Between Activism and Slander-APC Chieftain Warns VeryDarkMan
South South Zonal Organizing Secretary of the All Progressives Congress (APC) Blessing Agbomhere Esq has warned social media influencer, Martins...
-
Entertainment9 months agoJubilation galore as Parishioners of CKC Kurudu celebrate their cultural heritage ….FG should exploit our Cultural heritage to unite Nigerians-Rev Fr Dim
-
General News10 months agoCelebration galore as UDA Successfully Elected New Exco ……I will digitalize processes that will raise UDA to greater height -Comr. Okejiri
-
General News11 months agoReps hold public hearing on FMC Ugwuaji Awkunanaw
-
General News10 months ago
Kugbo Hill Tragedy: Trailer Crushes Car, Kills Four and Injures Several Others in Abuja
-
General News3 months agoEx – Agitators Warned PAP Beneficiaries Against Protest, pipeline Vandalism – Urge Fifth Columnists To Desist From Attacks On PAP,Dr Denis Otuaro
-
Uncategorized3 months agoBenue govt drags NDIC to Federal High Court over illegal sell of shares …Demands N2.6billion damages
-
Politics11 months ago10th Senate @1: Akpabio’s Leadership Pedigree as Senate President in Focus
-
General News10 months agoFG bars JAMB from granting admission to under 18 candidates …….As Education stakeholders reject FG’s 18-yrs Admission age limit