Bitumen is a mixture of organic liquids that are highly viscous, black, sticky, entirely soluble in carbon disulfide, and composed primarily of highly condensed polycyclic aromatic hydrocarbons.
Naturally occurring or crude bitumen is a sticky, tar-like form of petroleum which is so thick and heavy that it must be heated or diluted before it will flow. At room temperature, it has a consistency much like cold molasses. Refined bitumen is the residual (bottom) fraction obtained by fractional distillation of crude oil. It is the heaviest fraction and the one with the highest boiling point, boiling at 525 °C (977 °F). It can also be refined to produce commercial products such as gasoline, fuel oil and asphalt.
The Nigerian bitumen deposit put at 42.74 billion metric tons is the second largest in the world and was first discovered in 1900. It covers 120 kilometres costal belts of Lagos, Ogun, Ondo and Edo States.
The occurrence of Bitumen deposits in Nigeria is twice the amount of existing reserves of crude petroleum. When fully developed, the industry will no doubt meet local requirements for road construction and also become a foreign exchange earner for the country.
The mining of minerals in Nigeria accounts for only 0.3% of its GDP, due to the influence of its vast oil resources. The domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produce domestically, such as salt or iron ore. Rights to ownership of mineral resources is held by the Nigerian government, which grants titles to organizations to explore, mine, and sell mineral resources.
Economic returns from bitumen exploitation include capital gains and contribution to road maintenance. Presently, Nigeria, which has 59,892 km of paved roads with an additional 1,194 km of dual carriageway, the longest in Africa, spends an estimated N 2,000,000,000 {two billion naira} annually on importation of asphalt, a bitumen derivative.
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