The Managing Director of Oil and Gas Free Zones Authority (OGFZA), Umana Okon Umana, has said that his agency has made about N611 billion as revenue from the operation of the Onne Oil and Gas Free Zone which hosts the operation of more than 170 companies.
Umana, who spoke on Monday during the first session of the Nigeria Business Roundtable held in Lagos, said one of the keys to attaining greater productivity and growth in the economy, is making use of the potentials of a free trade zone which offers enabling environment for investment, creates job, as well as opportunity for exports.
Umana, who said the revenue came in the last six years, stated that the zones also provide companies with streamlined regulations, reduced tax obligations and state-of-the-art infrastructure.
According to him “Statistics show that there are three million companies arising from over 5,000 free trade zones around the world which accounts for over 45 million jobs, all showing efficacy of having an effective free trade zone in a global perspective.
“FTZ in developing countries can drive growth in different sectors not only in oil and gas, attract increased foreign investment inflow, create employment, transfer skills and technology,” he said.
He added that the Federal Government is also introducing further reforms into the operation of free trade zones, saying the measure will culminate in the reduction of license renewal duration from 14 days to 48 hours for investors that meet all requirements in line with the ease -of-doing business policy of the Federal Government.