TheCable

The Oil and Gas Free Trade Zones Authority (OGFZA) says it attracted $16.6 billion worth of foreign direct investments (FDIs) into Nigeria between 2001 and 2020.

Umana Okon Umana, managing director/chief executive officer of OGFZA, announced this during a recent press briefing in Abuja.

Umana said the agency also attracted the sum of N255.33 billion local investments within the same period.

He said that in the first quarter of 2021, OGFZA generated N9.41 billion as revenue through the free trade zones.

The managing director also said the agency generated N1 billion in April 2021 and N453.98 million in May 2021 as revenue.

He further said there are about N6.1 billion investments that are being expected to materialise in the Liberty Oil and Gas Free Zone located in Akwa Ibom state.

“To grow investment also meant looking at the structures within our zones, because as I said, you can only attract Foreign Direct Investment if you are globally competitive,” Umuna said.

“We took a number of steps, we reviewed our standard of operation, we came out with a timeline for delivery of our services.”

He said the agency empowered many Nigerians through the creation of 40,508 direct and indirect jobs from 2005 to 2015, with a conservative estimate of about 160,000.

Umuna further said the OGFZA trained 35,170 individuals between 2010 and 2020.