Business
OGFZA Identifies Three Free Zone Sites In A’Ibom

The management of Oil and Gas Free Zones Authority (OGFZA) says it has identified three strategic locations in Akwa Ibom for the establishment of its free trade zone in the state.
The OGFZA Managing Director, Mr Umana Okon Umana, made this known on Wednesday in Uyo at a meeting with Gov. Udom Emmanuel on partnership to establish the free zone.
Umana listed the three strategic locations identified in the state as Ibaka, Ibeno and Ikot Abasi.
He said that the oil and gas free zones have the potential to deepen the economy of Nigeria as a leading player in the oil and gas economy of sub-Saharan Africa.
“As at 2015, investment inflow into the free zones represented about 65.5 per cent of total investment in Nigeria within the last 10 years.
“OGFZs have attracted all major oil companies, which are now using the free zones as the hub for their business transactions covering the entire Gulf of Guinea up to Angola and South Africa.
“In the light of the obvious economic benefits of the free zones concept, we have decided to invite the Akwa Ibom Government to work with the OGFZA,” Umana said.
He advised the Akwa Ibom Government to provide land free from encumbrances, access roads, electricity, gas pipelines, telecommunication and crude feedstock for the project sites.
According to him, other requirements for the zone to take off included financial contributions from the state government to the successful execution of the project.
Umana said that OGFZA would attract potential investors to the free zones, regulate, licence the investors and manage the zone.
He said that OGFZA would use its expertise to advise and facilitate compliance with all necessary requirements for the establishment of the free zones.
Responding, Emmanuel commended the Managing Director of OGFZA and his team for coming to the state.
The governor said that his administration was ready to partner OGFZA to establish the free zone in the state in view of its oil and gas potential.
He thanked Umana for his genuine desire to improve the economy of the state, being his home state.
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