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Dr. Dele Alake, the Minister of Solid Minerals Development, has urged the 18 winners of the first round of the Bitumen blocks bidding process to diligently work towards developing Nigeria’s Bitumen deposits.
In a statement released by his Special Assistant on Media, Segun Tomori, Alake emphasized the importance of compliance with the terms of engagement and relevant sections of the Mining Act. He also stressed the need for concessionaires to engage with host communities and seek their cooperation.
Bitumen, a valuable resource used in various industries including road construction and roofing, is abundant in Lagos, Ogun, Ondo, and Edo states. Alake highlighted Nigeria’s vast reserves of Bitumen, stating that the country should aim to become a major net exporter of the product.
Alake encouraged concessionaires to prioritize factors such as tax contributions, royalty payments, local value addition, employment generation, and community engagement. He emphasized the importance of Corporate Social Responsibility efforts to ensure smooth operations and maximize benefits for investors, communities, and the government.
The minister hinted at another round of bidding in the future and urged the first-round winners to deliver exceptional performance to inspire prospective investors. He assured the Federal Government’s support for Bitumen investors, recognizing the potential for economic growth and diversification.
Obadiah Nkom, the Director-General of the Mining Cadastral Office, revealed that previous attempts to concession Nigeria’s Bitumen blocks had been unsuccessful. However, following the successful bidding process, 34 Bitumen licenses were granted, including 18 exploration licenses and 16 mining licenses.