Spanning approximately 120km, Nigeria’s Bitumen deposit is the the second-largest in the world, waiting to be turned into economic prosperity.
The estimated probable reserves of bitumen in Ondo State is 16 billion barrels, while that of tar sands and heavy oil is estimated at 42 billion barrels, almost twice the amount of existing reserves of crude petroleum, according to data from the Federal Ministry of Mines and Steel Development.
Bitumen, which occurs both on the surface and sub-surface, is found in Ondo, Lagos, Ogun, and Edo States, and occurs in both forms.
One of the uses of bitumen is in road construction. It is also used in waterproofing products. Constructions are heavy projects constantly on going in Nigeria. This means that industries in bitumen enterprise will have both local (Nigeria) and foreign targets as their markets, as bitumen is high in demand for both road constructions and other construction uses.
“Investing in bitumen in Nigeria promises a high return for investors in the shortest period,” said Stephen Ayodele, site engineer, Quarry Construction Company, Abeokuta.
The deposit of bitumen in Ondo State is huge such that non-exploration could cause environmental degradation on the farmland and water. Exploration of this material can reduce the environmental hazard. Investing in bitumen exploration in Ondo State will not only be friendly to the environment, it will also create jobs for Nigerians, enrich the nation through tax, and also invite prominent local and international investors.
JOSEPH MAURICE OGU
