FG awards oil block license to Ondo for bitumen exploration [PHOTOS]

Nigerian Government on Tuesday announced the award of an oil block license to Ondo State Government for bitumen exploration.
Minister of Mines and Steels Development, Dr. Kayode Fayemi who made this known at the 1st Ondo State Investment Forum ​in ​Akure, the state capital, said that the license was granted to the state as part of the efforts of the federal government to diversify the economy and boost the country’s foreign exchange.

Represented by Engr. Mohammed Amate, Director of Mining License in the Ministry, Fayemi said the bitumen reserve in Ondo State can serve the whole of Africa hence government’s decision to explore the opportunity towards economic development of the country.
“Nigeria currently imports over 600,000 tons of asphalt per annum and the nation spends billions of naira on importation of asphalt every year. The naira is weak now because of much demand for dollar and less demand for naira and the poor export policy in the country.
“With bitumen being produced in Ondo State, federal Government will ensure that none of its road contractors imports asphalt and I am sure that many state governments will prefer to buy from Ondo state because it will definitely be cheaper here than imports from outside the country​”, he said.​

Responding, Governor ​Rootimi Akeredolu thanked the federal government for ​the partnership​.
Speaking on investment opportunities, Akeredolu said: “Our coastline which is about 120km, is one of the longest in Africa and is home to various fish species like sole snapper, croaker, barracuda, big eye grunter, catfish etc. This is an unchartered territory to be explored as part of this administration’s drive towards economy diversification.

“Let me announce to this gathering that Ondo State had been granted two Free Trade Zone (FTZ) licenses which are Olokola (being oil and gas FTZ in partnership with Ogun State government) and Ondo State Industrial City (as a non-oil and gas FTZ). They are both coastal FTZ’s with the Atlantic Ocean bordering the southern flank.