Asphalt Plant Project Financing and Long-term Investment Model. A case Study of Africa.
African continents, despite being a country with the second largest deposit of bitumen in the world, according to Foraminifera, a marketing and research firm, they spends an approximate of US$500 MILLION yearly on importation of asphalt, a derivative of bitumen. The occurrence of bitumen deposits in Africa, precisely 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. Minister of Mines and Steel Development, Dr. Kayode Fayemi, had lamented that about 80 per cent of asphaltic materials used for road construction within African continents are still being imported despite the vast bitumen deposit, assuring that the government would focus on ensuring that serious investors with proven work and financial plans are given licences. “Priority will be given to investors with the capacity to build processing plants to boost l