Stakeholders Move to Bridge Regulatory Gaps in OGFZA Act

Stakeholders in the energy sector Tuesday called for the amendment of the Nigeria’s Oil and Gas Free Zones Authority Act to meet the current global economic realities.

Speaking at a stakeholders forum organised by his Ministry in collaboration with the Oil and Gas Free Zones Authority (OGFZA), Otunba Adeniyi Adebayo, the Minister of Industry, Trade and Investment, noted that the meeting was timely because of the need to bridge regulatory gaps and inconsistencies in the Act that established and empowered the agency.

Highlighting some of the consequences of operating under a 24 years’ old OGFZA Act in the contemporary time, the Minister said, “We have observed that over the years the inadequacy of the Act has led to avoidable inter-agency conflicts and hampered OGFZA in the execution of its mandate.”

In his remarks, the Managing Director/CEO of OGFZA, Umana Okon Umana (picture), said the Authority has significantly contributed to the national GDP by creating enabling environment and opportunities for good return on investment in oil and gas related businesses.

According to Umana, whose excellent performance in the first tenure has just earned him a second-term appointment of 4 years, the importance of the Authority in Nigeria’s economic prosperity cannot be over emphasized, necessitating the need for a 21st century legal backings that would foster the growth and development of the oil and gas free trade zones in the country.

By: Yusuf Issa | thecommerceafrica.com