Saturday, January 28, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Minister Stresses Need For Bitumen Production

by e-Naira Online News
April 26, 2022
in Companies
Reading Time: 2 mins read
A A
0
Home Companies
Share on FacebookShare on Twitter


The Minister of Mines and Steel Development, Olamilekan Adegbite, reported that Nigeria has about 70 per cent road infrastructure deficit while accentuating the need for the country to raise local bitumen production.

According to the minister, only 50,000km out of 200,000km of road networks are paved in the country.

The minister revealed this in Abuja during a press briefing on the concession of the delineated Nigerian bitumen blocks.

The minister added that the cost of road construction in the country would ultimately go down with the local production of bitumen, which would also lead to import substitution, local content development and increased value addition to the mining industry, job creation, and more revenue for the government.

He said, “Nigeria currently has 200,000 km of road networks with only 60,000 km worth of road paved. This considerable road infrastructure deficit presents an inherent demand for bitumen.

Hence, the development of Bitumen will lead to import substitution, local content development, and increased value addition of the mining industry to the domestic economy, thereby creating jobs and generating revenue for the government.”

The minister further added that the country’s bitumen deposit is ranked sixth in the world in terms of reserve size, adding that the country is endowed with a bitumen reserve size of 42.74 billion metric tonnes.

The country is preparing to begin the production of bitumen locally as it has appointed a transaction advisor, PricewaterhouseCoopers, to oversee the process.

The minister also revealed that a number of international and local investors had expressed interest in bidding for the bitumen blocks.

Related





Source link

Tags: bitumenMinisterProductionStresses
Previous Post

Bakers Increase Bread Price Again, Over Rising Operational Cost

Next Post

Manufacturers Get More Bank Loans Despite Debts

Related Posts

Companies

Vitafoam Plc advocates special FX window for manufacturing sector

by e-Naira Online News
January 28, 2023
Companies

CAP full year PBT rises by 79% to N3.1bn

by e-Naira Online News
January 27, 2023
Companies

Nigeria, others to meet over development in oil sector | The Guardian Nigeria News

by e-Naira Online News
January 27, 2023
Companies

NGX CEO says to strengthen partnerships, digital transformation, sustainability

by e-Naira Online News
January 26, 2023
Companies

UK Government cuts tariffs on Nigerian exports

by e-Naira Online News
January 26, 2023
Next Post

Manufacturers Get More Bank Loans Despite Debts

"FG Is Developing Policies To Support Local Production" - Trade Minister

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

Currency Swap Will Stabilise, Strengthen Economy—Buhari

January 28, 2023

Three die in fresh US shooting

January 28, 2023

Moody’s downgrades Nigeria’s currency and debts ratings to Caa1, cites Ways and Means

January 28, 2023

Why it’s a bad idea to bet against the Crypto market right now

January 28, 2023

The Importance Of Business Continuity Planning

January 28, 2023

Oduwacoin, Other Crypto That Cost Less Than $1

January 28, 2023

Debts upon debts! Supreme Court rules against Honeywell Flour, as firm struggles with N67.02bn loans

January 28, 2023

Sao Paolo Introduces Blockchain in Data Access Law – Regulation Bitcoin News

January 28, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.