OGFZA Targets $15.97bn Investment By 2025- MD

Tijani Kaura, Managing Director, Oil and Gas Free Zones Authority, Nigeria(OGFZA), has projected that the free zones would attract a total of 15.97 billion dollars investment to Nigeria’s Gross Domestic Product (GDP) by 2025 .

Kaura made this known at a maiden media parley on Wednesday in Abuja, where he rolled out the achievements of the agency as he marked one year in office in Abuja.

He said ”the OGFZA regulates eight free zones, six of them are fully operational while the remaining two are at various stages of completions.”

According to him, these zones are evolving well and are making impactful contribution to the nations economy.

”The zones includes Onne Oil and Gas Free Zone, Warri Oil and Gas Free Zone and Eko Support Oil and Gas Free Zone.

”Others includes Brass Oil and Gas Free Zone, Notore Oil and Gas Free Zone, Liberty Oil and Gas Free Zone, Bestaf Maritime and Industrial OGFZ and OGFZ-SBA Free Zone a newly declared zone with licence in progress.”

OGFZA boss said the authority had recorded achievements in quantitative terms, which has contributed significantly on the nation’s GDP in the last two decades.

He noted that it attracted foreign direct investment of 21.6 billion dollars.

According to him, it has technical skills to 35,330 Nigerians and generated direct employment for 41,085 persons and indirect employments for 164,000 persons at the same period.

”OGFZA has generated billions of revenue for government from 2018 to 2021, this includes the customs duty N119 billions for goods exported from free zones to customs territory.

”It also includes withholding tax of N10.4 billion for transaction carried out between free zone enterprises and non – free zone licensees and Value Added Tax(Vat) of N9. 5 billion for transaction carried out.”

He, therefore, appealed to the Federal Government to look into some of the issues affecting the agency that could stall the growth of business for investors in the country.