Ondo Rep, Akinfolarin leads debate on Bitumen Exploration Law
The member Representing Ileoluji-Okeigbo and Odigbo federal constituency in the house of Representatives, Honourable Mayowa Akinfolarin has sponsored a Bill for an Act to provide a legal framework for the bitumen deposit in Nigeria
Akinfolarin, on Thursday led the debate for the Bill Tittled: “A BILL FOR AN ACT TO PROVIDE FOR A LEGAL FRAMEWORK FOR PROMOTION OF RESEARCH, STUDY, INVESTMENT, EXPLORATION, PRODUCTION DEVELOPMENT AND UTILIZATION OF LOCALLY SOURCED BITUMEN IN NIGERIA AND FOR RELATED MATTERS” at the green chamber.
“Mr. speaker, Hon. Colleagues. I am delighted for this opportunity to lead a debate on a bill for an act to provide for a legal framework for promotion of research, study, investment, exploration, production development and utilization of locally sourced bitumen in Nigeria and for related matters.”
“The mining sector contributes only 0.43% to Nigeria GDP in 2019/2020 despite the abundance of solid minerals in the country. One of the reasons for the low contribution of the mining sector to GDP and socio-economic development in Nigeria is the concentration of the government on oil and gas exploration while neglecting other solid minerals.”
“Nigeria has a proven reserve of about 42.47 billion tonnes of bitumen, but has not been harnessed for the country’s socio-economic benefits. The under-development of bitumen could be attributed to lack of strong legal and institutional framework for the development of the resources. This is the gap this bill seeks to fill.”
“The bill seeks or aims to create a legal and institutional frame work for the research, investment, exploration, production and utilization of locally sourced bitumen in Nigeria.”
According to him, the bill seeks to:
Enhance the development of bitumen in Nigeria via legal frame work for promotion of exploration, research, investment, exploration, production and use of the resource.
He also said It will create a legal and institutional framework for the smooth production and development of bitumen in Nigeria.
He added that It will not only support the economic diversification drive of the government, it will contribute greatly to Job creation, revenue generation and industrialization and sustained economic growth.
He further said it will ensure the attain plans towards improve research activities for small scale exploration, seek and / or provide funding for research activities for small scale exploration, Cooperate with all relevant agencies of government and non-governmental exploration.
He also said the will Provide a legal framework to Facilitate the realization of socio-economic empowerment and production of bitumen.
“Mr. Speaker and my respected Hon. Colleagues, in view of the effort currently being made by the federal government of Nigeria to diversify the Nigeria economy and the need to encourage, promote production, development and utilization of locally bitumen in Nigeria is important, I therefore urge you Mr. speaker and my respected colleagues to support that the bill be read the second time and referred to relevant committee of the house for further legislative actions.” He added.
