The Special Adviser to President Bola Ahmed Tinubu on Trade and Investment, John Ugochukwu Uwajumogu, has advocated for strategic measures geared toward boosting local oil and gas production in the country while expressing optimism on the Oil and Gas Free Zones Authority, OGFZA, for the combination of synergy between stakeholders to meet Nigerians daily demand.
Uwajumogu, who spoke recently in Uyo, Akwa Ibom state capital, during a courtesy visit to the Governor, Umoh Eno, further used the opportunity to express President Tinubu’s commitment to industrialisation and trade facilitation through the OGFZA, noting that the vision is aimed at bridging the disconnect between the nation’s significant oil, gas sector revenue and its smaller GDP contribution.
Uwajumogu said the staggering commitment of not less than $15 billion expected to surge into the country’s economic veins, the Oil and Gas Free Zones Authority, OGFZA, remains the imminent boost to Nigeria’s industrialisation and trade horizon.
According to him the commitment is attributed to investments in five of the eight pivotal oil and gas free zones situated within Rivers, Akwa Ibom, Lagos, and Bayelsa States axis.
He informed that topmost in the list of these zones is the Brass Oil and Gas Free Zone in Bayelsa, which he said has an impressive $3 billion projection adding that the Notore Oil and Gas Free Zone in Rivers is anticipating $5.35 billion while Liberty Oil and Gas Free Zone located in Akwa Ibom state commits $6.4 billion; Bestaf Maritime and Industrial OGFZ in Tincan, Lagos, expecting $485 million; and the newly declared OGFZ-SBA Free Zone offshore Lagos, with an investment pledge of $738 million.
While some of these zones are seeing active construction, others like the OGFZ-SBA are awaiting licences. The overarching goal remains consistent – to solidify Nigeria’s position on the global industrial map and cushion it against unexpected global economic blows like falling crude oil prices or international crises.
He also revealed that President Tinubu is moving to leverage on oil and gas sector as part of moves to propel economic recovery resonates with the key advocacy and firsthand experience in fostering growth through initiatives like the Lagos free zone as well as the Lekki free zone in Lagos.President
In his presentation, the managing director of OGFZA, Sen. Tijjani Kaura, commended the federal government’s interest as well as the free zones emphasizing the invaluable insights the opportunity has presented along with the challenges, and prospects inherent in those zones.
He explained that Investors have voiced their concerns about existing infrastructural challenges, such as the deteriorating Eleme section of the East-West Road and sporadic power supply, both of which can potentially stunt the zones’ growth.
However, as Uwajumogu assured, the country is on the cusp of witnessing the tangible outcomes of the President’s robust economic initiatives. This proactive approach from the federal government, in synergy with stakeholders, is geared to create a strong domestic market, ensuring Nigeria remains resilient in the face of global economic fluctuations.
The OGFZA, with its vast potential and the backing of a forward-thinking government, is set to be the lynchpin connecting the oil and gas sector with the broader economy. The clarion call is clear: Nigeria must rally together in fostering an environment conducive to investment, driving the nation towards its ambitious economic goals.
In his address, the governor of Akwa Ibom State, Umoh Eno underscored the potential embedded at the Akwa Ibom State Airport, lobbying for Sen. Kaura’s collaboration to metamorphose the airport into an International Airport and Cargo Hub.
The governor further pledged his unflinching support to the federal initiative while outlining his vision for a prosperous Akwa Ibom which he promised to build on the infrastructural foundations set by his predecessors.
According to the spokesman, the interest of the Federal Government is completely aligning with stakeholders which is expected to sculpt a formidable domestic market.
Uwajumogu assurance consequently is in harmony with President Tinubu’s proven track record in cultivating growth epicentres like the Lagos Free Zone meant to position Nigeria at the cusp of reaping the rewards of these impactful economic endeavours.
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