BITUMEN AND BILLIONS: HOW NIGERIA SPENDS $200 MILLION IMPORTING WHAT IT ALREADY HAS
Nigeria is often described as a petroleum giant. The country holds vast crude oil reserves, exports millions of barrels every year, and remains one of Africa's largest energy producers. AI generated theme image But hidden beneath the headlines of crude oil lies another resource with enormous economic potential: bitumen. And therein lies a paradox. Nigeria possesses one of the largest known deposits of natural bitumen on Earth, yet the country continues to spend hundreds of millions of dollars importing bitumen every year. The contradiction is so striking that it deserves far more attention than it receives. A RESOURCE OF GLOBAL SIGNIFICANCE According to Nigeria's Ministry of Solid Minerals Development, the country holds an estimated 16 billion barrels of bitumen reserves in Ondo State alone. When associated tar sands and heavy oil resources are included, the estimate rises to approximately 42 billion barrels. These deposits stretch across a belt roughly 120 kilometers long, pri...