The Special Adviser to President Bola Ahmed Tinubu on Trade and Investment, John Ugochukwu Uwajumogu, has advocated for strategic measures geared toward boosting local oil and gas production in the country while expressing optimism on the Oil and Gas Free Zones Authority, OGFZA, for the combination of synergy between stakeholders to meet Nigerians daily demand.
Uwajumogu, who spoke recently in Uyo, Akwa Ibom state capital, during a courtesy visit to the Governor, Umoh Eno, further used the opportunity to express President Tinubu’s commitment to industrialisation and trade facilitation through the OGFZA, noting that the vision is aimed at bridging the disconnect between the nation’s significant oil, gas sector revenue and its smaller GDP contribution.
Uwajumogu said the staggering commitment of not less than $15 billion expected to surge into the country’s economic veins, the Oil and Gas Free Zones Authority, OGFZA, remains the imminent boost to Nigeria’s industrialisation and trade horizon.
According to him the commitment is attributed to investments in five of the eight pivotal oil and gas free zones situated within Rivers, Akwa Ibom, Lagos, and Bayelsa States axis.
He informed that topmost in the list of these zones is the Brass Oil and Gas Free Zone in Bayelsa, which he said has an impressive $3 billion projection adding that the Notore Oil and Gas Free Zone in Rivers is anticipating $5.35 billion while Liberty Oil and Gas Free Zone located in Akwa Ibom state commits $6.4 billion; Bestaf Maritime and Industrial OGFZ in Tincan, Lagos, expecting $485 million; and the newly declared OGFZ-SBA Free Zone offshore Lagos, with an investment pledge of $738 million.
While some of these zones are seeing active construction, others like the OGFZ-SBA are awaiting licences. The overarching goal remains consistent – to solidify Nigeria’s position on the global industrial map and cushion it against unexpected global economic blows like falling crude oil prices or international crises.
He also revealed that President Tinubu is moving to leverage on oil and gas sector as part of moves to propel economic recovery resonates with the key advocacy and firsthand experience in fostering growth through initiatives like the Lagos free zone as well as the Lekki free zone in Lagos.President
In his presentation, the managing director of OGFZA, Sen. Tijjani Kaura, commended the federal government’s interest as well as the free zones emphasizing the invaluable insights the opportunity has presented along with the challenges, and prospects inherent in those zones
