NEWS DETAIL
Nigeria open to investment in local bitumen production
 Posted Date : 2020-08-07

Nigeria has opened its doors to private investors who are looking for opportunity in the local production of bitumen in the country.

A policy designed for this has been approved by the country’s executive council, Babatunde Fashola, the minister of works and housing said, describing as President Buhari’s policy of promoting made-in-Nigeria goods.

Local yearly demand for bitumen is put at 500,000 metric tons and the country is looking to stop the importation of the product for road construction and help it conserve foreign exchange which has become scarce as revenues from crude oil, its major source of foreign exchange drops.

According to Fashola, the new policy option will help to further diversify the economy and open another sub-sector of the extractive and hydrocarbon industry for local opportunities, noting that there are opportunities inherent.

There are opportunities for thousands of jobs to be created directly if this is done, and government intends to give support to all those who take up this opportunity the minister assured and encouraged those who can manufacture and produce bitumen locally to tap into this demand.

 

  Business A.M, July 27, 2020