The Nigerian Senate has passed a bill to establish the Bitumen Development Commission, a regulatory body aimed at harnessing the country’s vast bitumen reserves and accelerating economic diversification.

Sponsored by Senator Jimoh Ibrahim (Ondo South), the bill was passed on Wednesday after the Senate Committee on Solid Minerals Development, chaired by Senator Diket Plang (Plateau Central), presented its report during plenary.

Plang described the move as critical to tapping into Nigeria’s estimated 13 to 42 billion tonnes of bitumen deposits, primarily located in Ogun, Ondo, and Edo States—reserves believed to be the second largest in the world, and nearly double the country’s known oil reserves.

“Despite its importance in asphalt and industrial production, bitumen remains largely untapped in Nigeria due to the absence of a clear legal and institutional framework,” Plang said.

The committee urged the bill’s passage to regulate, promote investment, and drive both domestic and export utilisation of the resource.

Senator Mohammed Tahir Monguno (Borno Central) supported the bill, calling it a strong pillar for the Federal Government’s economic diversification agenda under President Tinubu’s Renewed Hope initiative.

“This legislation is vital for expanding our revenue base beyond crude oil. It will create jobs, attract investment, and stimulate the economy through a robust multiplier effect,” he said.

Senate President Godswill Akpabio commended the sponsor and the committee, describing the bill as a bold economic move with potential to position Nigeria as a global leader in bitumen production.

Once enacted, the Bitumen Development Commission will serve as the regulatory and development authority for Nigeria’s bitumen sector, expected to contribute significantly to national growth and infrastructure development.