- December 12, 2016
- Posted by: Destiny Young
- Category: General
Message from the MD and CEO
I am excited to write this forward for Oil and Gas Free Zones Authority.
Since the creation of the Authority and the Official Commissioning of Oil and Gas Free Zones (Onne – the first). The Authority regulatory and performance has grown from strength to strength. Many reputable Oil and Gas Companies, including many of the world’s largest institutions, now have operations in the Oil and Gas Free Zones in Nigeria.
I am sure the phenomenal growth will continue as the Oil and Gas Free Zones in the country consolidate their position as the gateway to sub-Saharan African Oil and Gas Industry. These Zones everywhere are playing a crucial and vital role in the immediate local community where they support numerous jobs and helping to drive the economic and infrastructural development.
The Free Zone concept and policy not only involves incentives for investors to enable favourable commercial settings encouraging Foreign Direct Investment but also promotes Nigerian Content.
The Oil and Gas Free Zones is one of the Major Sector that recorded a remarkable achievement for economic transformation; the activities of the Oil and Gas Free Zones in the country had placed Nigeria as a leading player in the oil and gas industry in the world. It is on record that investment inflow into the free zones represents a greater percentage of total investment into the country within the recent time.
Federal Government of Nigeria had acknowledge the Authority’s regulatory performance, rapid investment in the Oil and Gas Free Zones in terms of purpose of formation and appreciating the Foreign Direct Investment, revenue generation, job creation, etc, thereby making the declaration for the Authority to license establish Oil and Gas Free Zones. Recent is upon the approval of
17th April, 2014 established new Oil and Gas Free Zones in Apapa.
The new Oil and Gas Free Zones is established in partnership with Eko Support Services Limited under the Public Private Partnership model. The new Oil and Gas Free Zones is expected to provide direct and indirect job of at least 1,000 Nigerians within the first 5years and has an immediate investment commitment of more than $124m.
Finally, I am convinced the Authority will ensure that if these zones enter further phases of development, more Foreign Direct Investment will be attracted particularly on the downstream activities.