The Federal Executive Council, FEC has approved a new policy on local production of bitumen to further diversify the nation’s economy.

The Minister of Works and Housing, Babatunde Fashola, who announced this at the end of the Council meeting, said the policy is approved to develop strategies to enhance, stimulate, and encourage local production of bitumen in the country.

He also expressed optimism that the policy, when fully operational, would enable the country save millions of dollars from importation of bitumen, which is a raw material used in road construction, worldwide.

Fashola emphasised that the policy will help to further diversify the economy and open another sub-sector of the extractive and hydro-carbon industry for local opportunities.

According to Fashola, there is a demand of 500,000 metric tonnes of bitumen locally in Nigeria per annum,  calling on the private sector to take advantage of the new policy by investing heavily in local production of bitumen.