Widely Read Magazine in Nigeria

Nigeria govt. to auction Bitumen in Q3 2021

Nigeria govt. to auction Bitumen in Q3 2021

583

Nigeria govt. to auction Bitumen in Q3 2021

By Matthew ELOYI

The Federal Government of Nigeria is set to auction its Bitumen block in the third quarter of 2021.

This was disclosed by the Minister of Mines and Steel Development, Olamilekan Adegbite, via a statement issued by the Ministry on Thursday.

According to him, the ministry is working towards auctioning its bitumen block in the third quarter of the year.

Also Read: Airborne Survey Will Attract More Investment To Mining In Nigeria – Adegbite

Responding to the enquiry of the Australian High Commissioner, John Donnelly, who visited the ministry on Tuesday, Adegbite revealed that the ministry was still gathering data on some of the bitumen field and was edging close to completion.

He noted that there were ample opportunities for investors in the local development of the bitumen sector.

Adegbite also disclosed that the ministry was working on raising the quality of barite produced in the country to an internationally acceptable standard which is known as the American Petroleum Institute (API) standard.

The minister revealed that the ministry had contracted a consultant to help raise the standard in the local production of barite to ensure that the oil industry players begin to use barite produced in Nigeria as against importing from other countries.

He noted that there was ample opportunity for investors in the barite segment of the sector.

Adegbite however expressed regret that the pandemic had slowed down the plan to resuscitate the Ajaokuta Steel plant.

He revealed that the travel restrictions and cumbersome protocols had prevented the 60-man technical audit team from Russia from coming to Nigeria to perform a comprehensive technical audit of the plant.

Adegbite also disclosed that the ministry had been working with artisanal and small scale miners, creating an enabling environment for them to operate in the formal sector.  He added that the ministry had provided many incentives for them to be in the formal sector such as training and easy access to funds.

Nigeria govt. to auction Bitumen in Q3 2021

Leave A Reply

Your email address will not be published.

%d bloggers like this: