Report
by Global Market Insights Inc. had
indicated that the market size for the resources would exceed $110 billion by
2024, especially with stimulated efforts witnessed in increasing government
initiatives towards repairs and redevelopment of roads across the world.
Chairman
of Council at the Institute of Oil and Gas Research and Hydrocarbon Studies, Professor Akin Akindoyeni, said
continuous import of bituminous materials into the country would continue to
put pressure on foreign exchange if government refuses to address the
challenges affecting the exploitation of the resources.
Bitumen,
a black viscous mixture of hydrocarbons obtained naturally or as residue from
petroleum distillation, is basically used for road surfacing, roofing,
adhesives, Insulation and others. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
According
to the Federal Ministry of Mines and Steel Development, Nigeria has the second
largest deposit of bitumen in the world, spanning approximately 120km. But
countries like the U.S., Canada, Germany, UK, France, Spain, Italy, China,
India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, and South Africa
dominated the market.
While
the ministry admitted that the bitumen used in Nigeria is processed from
imported heavy crudes, in addition to bitumen imported to supplement local
consumption, noting that heavy and extra heavy crude could be extracted from
Nigerian tar sands and sulphur, Akindoyeni said government abandoned the sector
due to oil discovery.
“Even if the product is for domestic consumption in the maintenance
of our highways, it should give us an opportunity to this right for a change,” he said. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
According
to him, Nigeria may lose out in the benefits of the hydrocarbon resources as
the world is currently developing alternatives that could make the resources
less attractive.
He
said: “Nigeria has one of the largest deposits of
bitumen on this planet. It has not been exploited, yet we import bituminous
materials. Are we waiting for the time when other viable alternatives to
bitumen to be discovered before we allow the exploitation of ours? The market
price of petroleum declined because of the development of shale oil.”
An expert
in mineral resources, Professor
Eguakhide Oaikhinan, blamed the situation on the lack of roadmap for
effective development of mineral resources in Nigeria. (Guardian)
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