The Nigerian government is set to open the process for prospective investors interested in exploring the country’s bitumen deposit and to bid for allocation of operational licenses.
In a statement by the minister of Solid Minerals Development, Kayode Fayemi, during a work visit to bitumen bearing communities in Agbabu area, Ondo State, only serious investors with proven work and financial plans would be allowed to participate in the bidding process. Furthermore, the licensing process would be completed within a year.
The minister also assured the communities that the government will protect their interests through the right policy and regulations.
Speaking to the community leaders, the minister said, “We want your mineral to work for you, and we are fully ready to assist your communities get the best from the process; Federal government will partner with states, investors and the communities to create enabling environment.”
Nigeria’s bitumen reserve, spanning approximately 120 square kilometers is reputed to be the second largest in the world and the federal government is ready to explore this opportunity.