OGFZA has created 100,000 jobs, says MD

The Managing Director, Oil and Gas Free Zones Authority, Mr. Umana Okon Umana says that the zone has created 100,000 jobs since its establishment.

He made the remarks in Lagos while presenting a paper titled ‘Oil & Gas Free Zones as a catalyst for economic diversification’.

He said, “Other free trade zones under the OGFZA include Warri Port Complex, Eko Support, Lagos Brass in Rivers State and Ibaka in Akwa-ibom State. From inception to date, the OGFZ has attracted over 450 companies with over 100,000 jobs and investment of over $20bn.”

Umana, who was represented by the Head of Department, Trade and Investment, OGFZA, Adamu Kontagora, noted that the OGFZA was poised to revolutionalise the Nigerian oil and gas sector for investment opportunities, adding that the agency was fundamental for economic diversification and development.

He said “Available evidence shows that all OGFZs under the OGFZA are successful and have the ability to change the economy and lifestyle of local and regional communities. We have seen this in countries like the United Arab Emirates, Malaysia, Asia, and India.”

According to him, the OGFZs have created a positive impact through skills acquisition, revenue generation, huge Foreign Direct Investment, increased exports, promotion of foreign exchange earnings, among others.

He added that the agency would develop industrial hubs and facilitate infrastructural development for the hubs.

“Applying incentives to oil and gas industrial areas and marketing such hubs for local and foreign investors will contribute immensely to economic diversification,” he said.

The OGFZA MD said that petro chemical, fertilizer, methanol plants and bulk storage fabrications were among the planned parks and clusters.

Copyright PUNCH.