OGFZA To Attract $15.97b Investments By 2025

Oil and Gas Free Zones Authority (OGFZA), Nigeria is expected to attract investments to the tune of $15.97 billion by year 2025.

The proposed investment proceeds are between 2021 to 2025, following new developments within the authority that are making contributions to the country’s economy.

The managing director of the authority, Tijjani Yahaya Kaura disclosed the development to journalists in Abuja yesterday.

According to him, the investment commitment of the amount are from new and existing investors in five of the Oil and Gas Free Zones to include; Brass Oil and Gas Free Zone with proposed investment of $3 billion, Notore Oil and Gas Free zone, $5.35 billion and Liberty Oil and Gas Free Zone with proposed investment to reach $6.4 billion.

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Others are Bestaf Maritime and Industrial OGFZ with proposed investment of $485 million and OGFZ-SBA Free Zone investment expected to reach $738 million.

The MD explained that the authority has recorded real achievements in quantitative terms which have contributed significantly to nation’s GDP in the last two decades especially in three key indices to include; foreign direct investments of $21.6b billion between 2001-2021, technical skills transferred to 35,330 Nigerians, direct employment of 41,085 persons and 164,000 indirect employments within the same period.

“I am happy to inform you that these zones are evolving well and are making impactful contributions to our country’s economy.
Between 2021 and 2025 OGFZA attracted a total investment commitment of $15.97b from new and existing investors.

In the area of revenue generation to government, OGFZA activities accounted for the following revenues to the federal government between 2018 to 2021 in customs duty 119 billon naira, withholding tax of 10.4 billion naira and value added tax of 9.5 billion naira”, he told journalists.

The MD also disclosed that the authority is also working with E & P Companies including Waltersmith Petroman Oil Ltd for the development of an Industrial and Innovation Park/Oil and Gas Free Zone in Imo State and similar projects, which according to him will operate as clusters for downstream gas-to-industry manufacturing and related activities.