Pulse reports that The Federal Government of Nigeria (FGN) has announced it will begin mining of the rich bitumen deposits in the Ondo state
This is towards diversifying the economy and boosting foreign exchange earnings of the country.
The government has awarded a mining licence to the state government to explore a natural resource that in its opinion could be big enough to supply the entire continent.
Nigeria currently imports over 600,000 tonnes of asphalt per annum but with the planned mining of the deposits in Ondo State, the federal government estimates it could access 42 billion barrels of bitumen which is reputed to be among the largest in the world.
According to some accounts, the volume of bitumen and tar sand deposits in Ondo state are the largest in the world.
With bitumen production in the region, construction companies would have to halt the importation of asphalt, which would also result in low of road constructions in the country.