FG Nets $54bn From Onne Free Zone

About $5.4billion has so far been generated by the Federal Government between 1996 and 2012 at the Onne Oil and Gas Free Zone, in Rivers State.

Acting Managing Director and Chief Executive Officer, Elder John Abbey, disclosed this at Onne, during a visit of the Minister of State for Trade and Investment, Dr Samuel Ortum, on Monday.

Elder Abbey also said that $6billion worth of investment has been attracted to the zone while 150 companies are currently operating in the area.

According to him, foreign direct investments (FDIs) are being attracted into the zone, a situation that has led to the creation of 30,000 jobs with its attendant multiplier effects on the economy.

The acting managing director, however, listed the challenges facing the authority to include, strengthening of the framework of the authority through the amendment of the existing act to address some defects inherent therein; provision of basic infrastructure such as good road network, power and water supply, as well as improvement in funding to consolidate on the gains already achieved.

Responding, the Minister of State for Trade and Investment, Dr Samuel Ortum, said that the administration intends to use the free zone as a platform towards encouraging greater participation by the private sector in the economy.