shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » OGFZA Attracts $16.6bn FDI, N255bn Local Investments Into Nigeria’s Economy – MD

OGFZA Attracts $16.6bn FDI, N255bn Local Investments Into Nigeria’s Economy – MD

by Joshua
September 6, 2021
in News

The Oil and Gas Free Trade Zones Authority (OGFZA) says it has attracted $16.6 billion Foreign Direct Investments (FDIs) into the economy within a 20-year period covering 2001 and 2020.

Umana-Umana Okon

The Managing Director, OGFZA, Mr Okon Umana, disclosed this on Sunday while speaking with newsmen in Abuja.

Umana said during the same period, the authority also attracted the sum of N255.33 billion local investments into the country.

According to him, between January and May 2021, the sum of N9.41 billion has been generated as revenue by OGFZA through the free trade zones.

He further revealed that the revenue showed that N2.1 billion was generated in January, while February, March, April and May had N1.45 billion, N4.39 billion, N1 billion and N453.98 million respectively.

Speaking on its developmental stride, he said that within the last few years, there had been great improvement in the operations of the free zones.

This, he said was achieved through dedicated leadership as well as the commitment and exceptional quality of members of staff of the Authority.

The managing director stated that currently, there were about N6.1 billion investments that were being expected to materialise in the Liberty Oil and Gas Free Zone.

“To grow investment also meant looking at the structures within our zones because as I said you can only attract FDI if you are globally competitive.

“We took a number of steps, we reviewed our standard of operation, we came out with timeline for delivery of our services.

“For example, in the past we did not have a specific timeline for renewal of license or to reissue new licenses or even to process cargos.

“We came up with specific timelines – we say for example that we will take only 48 hours to clear cargos, if the cargos where consigned in Free Zones.

Read Also:  Nigeria’s disturbing preparation for the African Continental Free Trade Agreement

“It will take seven days to renew license when all the requirements have been met and it will take 21 days to issue a new license and when all the requirements have been met, he said”

The OGFZA boss stated that the investments had been able to unlock many direct and indirect jobs thereby empowering many Nigerians.

He said that between 2005 and 2015, the authority created 40,508 direct jobs and indirect jobs with conservative estimate at about 160,000.

“This incentives are applied for activities within zones meaning that when they move items from the zone to any other place all the taxes will be applied,” he said.

shippingposition

Kindly like us on Facebook


Tags: Oil and Gas Free Trade Zones Authority

Related Posts

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Ramps Up Campaign for IMO Category C Seat, Showcases Maritime, Aviation Potential on Global Stage

July 15, 2025
WCO Chairmanship: Afam Chukwuma Hails Adeniyi’s Appointment as Major Boost for Nigeria’s Customs and Economy

WCO Chairmanship: Afam Chukwuma Hails Adeniyi’s Appointment as Major Boost for Nigeria’s Customs and Economy

July 15, 2025
Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

July 15, 2025
Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Customs Boss Extols Late Buhari’s Legacy Of Discipline

July 15, 2025

Discussion about this post

Latest News

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Ramps Up Campaign for IMO Category C Seat, Showcases Maritime, Aviation Potential on Global Stage

July 15, 2025

WCO Chairmanship: Afam Chukwuma Hails Adeniyi’s Appointment as Major Boost for Nigeria’s Customs and Economy

Aliko Dangote Submits Paperwork To Build Nigeria’s Largest Seaport In Ogun

Nigeria Customs Boss Extols Late Buhari’s Legacy Of Discipline

Vessels Expected At Lagos Ports As At 14th July, 2025

Duty-Free, But Not Trouble-Free: Mixed Reactions Trail UK’s Trade Window For Nigerian Exports

At Last, Lekki-Epe Corridor Stakeholders Agree On August 1st Enforcement Date For E-Call-Up 

Nigeria Losing Billions To Boat Importation As Indigenous Operators Urge Local Shipbuilding Drive

Court Ruling Against CRFFN’s Regulatory Powers Tears Customs Brokers Apart   

Oyetola Reaffirms Commitment to Logistics Reform, Commissions Zenith Carex HQ

Let the Council for the Regulation of Freight Forwarding in Nigeria Breathe

MONDAY INTERVIEW: “70% of the crew of Ocean Dragon are Nigerians”— Mrs Bernadine Eloka 

kindly like our Facebook page

Health

The Usefulness Of Watermelon Seeds You May Not Know
Health

The Usefulness Of Watermelon Seeds You May Not Know

July 14, 2025

Watermelon is one fruit that’s hard to resist when it gets too hot. It’s sweet and is high in water...

KNOW YOUR BODY PARTS: THE HEART

KNOW YOUR BODY PARTS: THE HEART

June 30, 2025
Why Your Favourite Seasoning Cubes May Be Hurting Your Kidneys

Why Your Favourite Seasoning Cubes May Be Hurting Your Kidneys

June 30, 2025
Contraceptive Pills Can’t Cause Cervical Cancer – Expert

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025
ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition