The Special Adviser to President Bola Ahmed Tinubu on Trade and Investment, John Ugochukwu, Uwajumogu, has disclosed that the nation’s Oil and Gas Free Zones are set to generate $15 billion into the economy.
This was made known by Uwajumogu during a courtesy visit to the Governor of Akwa-Ibom State, Umo Eno, where he explained that Tinubu remains committed to investments in five of the eight pivotal oil and gas-free zones situated across Rivers, Akwa Ibom, Lagos, and Bayelsa States.
According to him, the Brass Oil and Gas Free Zone in Bayelsa leads the investment drive with $3 billion forecast including the Notore Oil and Gas Free Zone in Rivers with $5.35 billion; the Liberty Oil and Gas Free Zone in Akwa Ibom promising $6.4 billion; the Bestaf Maritime and Industrial OGFZ in Tincan, Lagos, at $485 million; and the OGFZ-SBA Free Zone offshore Lagos securing $738 million.
He also assured that the Tinubu-led administration is interested in aligning with stakeholders towards creating a formidable domestic market as construction activity is ongoing in several of the zones, while OGFZ-SBA awaits licensing.
He said: “There’s a dire need for Nigeria to bolster its local production capacity.”
He also along with the Managing Director/CEO of OGFZA, Sen. Tijani Kaura, visited the Liberty Oil and Gas Free Zone in Akwa Ibom State, which was officially approved by President Muhammadu Buhari in 2018, and sits on 80 kilometres of the Atlantic Coastline.
Meanwhile, Governor Eno pledged support to investment initiative, and told the delegation his vision to place his state on a prosperous path by consolidating on what his predecessors had laid down.
