Nigeria Earned U.S.$2 Billion From Onne Free Zone in 6 Years – Umana

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Lagos — The Federal Government of Nigeria realised a whopping $2 billion (N611 billion) as revenue from the operation of the Onne Oil and Gas Free Zone through the Nigerian Ports Authority (NPA) within the last six years.

The Managing Director of Oil and Gas Free Zones Authority (OGFZA), Mr. Umana Okon Umana, disclosed this at the first session of the Nigeria Business Roundtable held in Lagos at the weekend.

The Onne Oil and Gas Free Zone was developed by INTELS Nigeria Limited to attract Foreign Direct Investment (FDI), create employment, as well as enhance Nigeria’s technological and industrial advancement. The zone which hosts the operation of more than 170 companies is one of the fastest growing in the world.

Umana said one of the keys to attaining greater productivity and growth in the Nigerian economy was making use of the potentials of a free trade zone which offered an increase in investment, job creation and export.

“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,” the OGFZA boss added.

In 2006, INTELS was awarded concession by the Federal Government to operate Terminal A (Federal Ocean Terminal) and Terminal B (Federal Lighter Terminal) of the Onne Port Complex, which houses the Onne Oil and Gas Free Zone. It also operates terminals in Warri, Calabar and Apapa ports.

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