Investment Drive: OGFZA Leading Nigeria’s Economic Growth

The Oil and Gas Free Zones Authority, OGFZA has continued to spearhead efforts to attract investments into Nigeria’s oil and gas sector.

To this end, the Managing Director, Bamanga Usman Jada led a delegation of prominent investors on a visit to the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite.

During the joint business meeting held in Abuja, key industry players deliberated on strategies to bolster investments and job creation within the oil and gas free zones.

According to a statement by the Assistant General Manager Corporate Communications, Golda Ukomadu, the transformative impact of these investments on Nigeria’s economy and the government’s commitment to fostering a conducive business environment for sustainable growth.

Highlighting Nigeria’s increasing appeal to foreign direct investors, discussions centered on ongoing and prospective investments in the sector.

Also, APM Terminals’ commitment to inject an additional 500 million dollars over the next four years to enhance operational efficiency and create employment for 900,000 skilled and unskilled workers underscored the growing confidence in Nigeria’s economic landscape.

Jada lauded President Bola Ahmed Tinubu’s support for enhancing productivity and building a resilient economy, emphasizing the significant contributions of Special Economic Zones (SEZs) in attracting over $66 billion into Nigeria and creating over 3 million jobs by the end of the year.

He explained that the construction of a 50,000 metric tonne storage facility by Nesgas LPG is poised to revolutionize both domestic and international LPG markets, with projections of over 100,000 direct employment opportunities and the launch of 500,000 enterprises.

The MD/CEO emphasized that alternative Petroleum Power Limited’s investment in green energy solutions, which is expected to generate about 300,000 jobs directly and indirectly, aligns with global trends towards sustainable energy and taps into Nigeria’s vast natural gas reserves.

He affirmed President Tinubu’s agenda of employment and job creation, highlighting ongoing discussions with Shell Nigeria Limited and Shell Energy Nigeria to bolster gas supply partnership.

OGFZA boss debunked speculations of Shell’s exit from Nigeria, reaffirming the company’s commitment to diversification and investments in environmentally friendly energy sources.

On his part, Keith Svendson of APM Terminals detailed the nearly $100 million investments made in port infrastructure, emphasizing the pivotal role of infrastructure in facilitating commerce and economic growth.

Also the Minister of Industry Trade and Investment, Doris Uzoka-Anite commended the investors’ dedication to Nigeria’s economic growth despite external economic challenges, urging Nigerians to seize opportunities provided by these investments.

She reiterated government’s commitment to removing business obstacles, particularly in the oil and gas industry.

Similarly, the Managing Director and Chief Executive Officer of the Bank of Industry, Mr. Olasupo Olusi expressed gratitude for the role of investors in promoting investment and job development, emphasizing the sector’s potential to create over 1.8 million jobs through significant investments.

The collaborative efforts between OGFZA and industry stakeholders reflect a concerted push towards achieving Nigeria’s economic goals, as investment and job creation initiatives continue to gain momentum in the oil and gas sector.

PR/Aisha Adesanya