Nigeria possesses substantial proven bitumen deposits, primarily located in the southwestern states of Ondo, Lagos, Ogun, and Edo. Official estimates indicate reserves of approximately 42 to 43 billion metric tonnes, ranking Nigeria among the world’s largest holders of such resources, second only to Canada in some assessments.
The economic value of these deposits is estimated at around $1.5 trillion USD, based on evaluations that consider the potential for extraction and market applications, such as in road construction and as a feedstock for synthetic crude oil. 8 This valuation reflects the deposits’ strategic importance, though actual realization depends on development, technology, and global commodity prices. Challenges, including environmental concerns and limited exploitation to date, have hindered full utilization.
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