OGFZA attracts $16.6bn foreign Investment into Nigeria in 20 years

The Oil and Gas Free Trade Zones Authority (OGFZA) has revealed that between 2001 and 2020, the Agency attracted $16.6 billion as foreign Investment into Nigeria.

Speaking in Abuja, the Managing Director of OGFZA, Mr Umana Okon Umana said within the same period of 20 years, the Authority also attracted the sum of N255.33bn local investments into the country.

Umana explained that between January and May of 2021, the sum of N9.41bn has been generated as revenue by OGFZA through the free trade zones.

The breakdown of the revenue generated by OGFZA showed that N2.1bn was generated in January, while February, March, April and May had N1.45bn, N4.39bn, N1bn and N453.98m respectively.

According to the MD, the developmental impact of the agency within the last few years has greatly improved the operations of the free zones in Nigeria.

He further stated that currently, there are about N6.1bn investments that are being expected to materialize in the Liberty Oil and Gas Free Zone.

“To grow investment also meant looking at the structures within our zones because as I said you can only attract Foreign Direct Investment if you are globally competitive.

“We took a number of steps, we reviewed our standard of operation, we came out with timeline for delivery of our services.

“For example, in the past, we did not have a specific timeline for renewal of license or to reissue new licenses or even to process cargos.

“We came up with specific timelines – we say for example that we will take only 48 hours to clear cargos, if the cargos where consigned in Free Zones. It will take seven days to renew license when all the the requirements have been met and it will take 21 days to issue a new license and when all the requirements have been met” he said.

The OGFZA Boss also revealed that in terms of job creation, the Agency has been able to unlock many direct and indirect jobs thereby empowering many Nigerians.

Umana said between 2005 and 2015, the authority has created 40,508 direct jobs and indirect jobs with conservative estimate at about 160,000.

“These incentives are applied for activities within zones meaning that when they move items from the zone to any other place all the taxes will be applied.

“Between 2005-2015, the authority has created 40,508 direct jobs and indirect jobs with a conservative estimate it’s about 160,000.

“Number of individuals that have been trained by expertise and various companies that come in, the actual figure from 2010-2020 was 35,170,” he stated.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Buhari Urges MTN For Quality Service, Downward Price Review In Cost Of Data, Other Services

President Muhammadu Buhari Friday at State House Abuja urged the MTN Group to make the available top-of-the-range service to its Nigerian subscribers…  OGFZA attracts $16.6bn foreign Investment into Nigeria in 20 years  OGFZA attracts $16.6bn foreign Investment into Nigeria in 20 years OGFZA attracts $16.6bn foreign Investment into Nigeria in 20 years  OGFZA attracts $16.6bn foreign Investment into Nigeria in 20 years.