Mkpoikana Udoma
Port Harcourt — Not less than $15billion investment commitment is expected in the country through five out of eight oil and gas free zones located in Rivers, Akwa Ibom, Lagos and Bayelsa States, the Oil and Gas Free Zones Authority, OGFZA has announced.
Specifically, the five free zones and their proposed investments are Brass Oil and Gas Free Zone in Bayelsa State with projected $3billion investment commitment, Notore Oil and Gas Free Zone in Rivers State with $5.35billion, Liberty Oil and Gas Free Zone in Akwa Ibom State with $6.4billion.
Others are, Bestaf Maritime and Industrial OGFZ in Tincan, Lagos with $485million investment commitment and OGFZ-SBA Free Zone, offshore Lagos with $738million investment commitment.
Speaking, during the visit by the Special Adviser to President on Trade and Investment, OGFZA Managing Director, Sen Tijjani Kaura, said construction works were ongoing in most of the free zones while licensing was in progress for OGFZ-SBA.
“For Brass OGFZ, engagements are ongoing between NNPCL, NCDMB and the promoters on commencement plans.
“For Notore OGFZ, construction of train Il and other development activities are ongoing. For Liberty OGFZ, construction of internal roads, bridges, jetty etc are ongoing.
“For Bestaf OGFZ, construction of a dedicated port is ongoing; while for OGFZ-SBA a newly declared zone established in 2023, license is in progress.”
OGFZA also listed the challenges facing the Authority to include deplorable access road to oil and gas free zones in Onne, Warri and Kirikiri; as well as inability to amend and review the Free Zone Act since 1996.
Meanwhile, the Special Adviser to the President on Trade and Investment, Mr John Ugochukwu Uwajumogu, has described the Onne, Eleme corridor as a critical zone for investment facilitation and investment attraction.
Uwajumogu assured that the federal government would swung into action by leveraging on the existing investments in the area to create a coherent strategy for further investments opportunities to drive economic prosperity for the country at large.
“When I was coming to Onne, even though I’m aware of the existing investments located in Rivers State, I actually didn’t realise how they all exist within a corridor. You have the refinery, the free zones, seaport, Indorama, Notore and other related infrastructure and investments that are within this corridor. The concentration of massive amounts of investment makes this a critical place for investment facilitation and attraction, because you already have on ground things that you can direct investment into.
“Investment doesn’t happen in a vacuum, you have to have a structure that you can direct that capital into. And as seen in the presentation we saw today, there are $15billion of opportunities that investors can get into, and that is what’s going to drive our investment.
“The government wants to drive investments, the fastest way to mobilise investment is to leverage existing investments to optimise them so that they can create more opportunities for other investments to come in.
“We have a President who understands how government can enable business and how government can look at infrastructure and turn it as an engine of growth. He has done it in Lagos, he has done the Lagos free zone, Lekki free zone in Lagos. So, he understands the situation that we’re in, quite frankly, if we are at a point where we don’t have flexibility anymore to talk, but just to take action.”
This article was originally posted at sweetcrudereports.com
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