OGFZA Attracts $16.6bn FDI, N255bn Investments Into Nigeria’s Economy – MD

Related stories

(VIDEO) Like Dancing Gov Adeleke, Wike Dances at UNIPORT’s Honorary Doctorate Conferment

By Abiola Olawale  The Minister of the Federal Capital Territory,...

Ranked: Southeast Asian Countries by Wealth, Spending & Size

Southeast Asia is a perfect microcosm of the world...

Intimate Affairs: When a woman padlocks her honey jar, By Funke Egbemode

By Funke Egbemode For a woman, sex is not just...

What To Expect From Monday’s OPEC+ Meeting

OPEC+ looks set to stay the course at Monday’s...

Garba Shehu Speaks on Buhari’s Medical Trips Abroad

• Says, they Were Personal Preference By Abiola Olawale Garba Shehu,...

The Oil and Gas Free Trade Zones Authority (OGFZA) says it has attracted $16.6 billion Foreign Direct Investments (FDIs) into the economy within a 20 year period covering 2001 and 2020.

The Managing Director, OGFZA, Mr Okon Umana, disclosed this on Sunday while speaking with newsmen in Abuja.

Umana said during the same period, the authority also attracted the sum of N255.33 billion local investments into the country.

According to him, between January and May 2021, the sum of N9.41 billion has been generated as revenue by OGFZA through the free trade zones.

He further revealed that the revenue showed that N2.1 billion was generated in January, while February, March, April and May had N1.45 billion, N4.39 billion, N1 billion and N453.98 million respectively.

Speaking on its developmental stride, he said that within the last few years, there had been great improvement in the operations of the free zones.

This, he said was achieved through dedicated leadership as well as the commitment and exceptional quality of members of staff of the Authority.

The managing director stated that currently, there were about N6.1 billion investments that were being expected to materialise 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 FDI 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 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 stated that the investments had been able to unlock many direct and indirect jobs thereby empowering many Nigerians.

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

“This 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,” he said. (NAN)

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
(VIDEO) Like Dancing Gov Adeleke, Wike Dances at UNIPORT’s Honorary Doctorate ConfermentRanked: Southeast Asian Countries by Wealth, Spending & SizeIntimate Affairs: When a woman padlocks her honey jar, By Funke EgbemodeWhat To Expect From Monday’s OPEC+ MeetingGarba Shehu Speaks on Buhari’s Medical Trips AbroadThai-Cambodian conflict pits a well-equipped US ally against a weaker adversary with strong China links2027 : Why Kwankwaso is Mulling Presidential Run, Triggers Conflicting SignalsAGF Fagbemi Warns Gov Adeleke: Refund 7 Months LGA Funds in line with Supreme Court OrderWhat Europe's response to a no-deal with Trump could look likeOil Prices Climb Amid U.S.-EU Trade Hopes and Russian Export RestrictionsU.S. Refiners Rethink Crude Sourcing After Chevron Gets Venezuela Green LightPresidency, Kwankwaso Clash Over Claims of Northern MarginalizationNatasha Faces Full Suspension as Senate Goes on RecessGovernor mourns as Emir of Gusau, Ibrahim Bello, Dies at 712027: INEC Receives 10 New Applications, Brings total to 144 Seeking Registration As Parties
X whatsapp