OGFZA Secures $24bn In Investments For Nigeria 

LAGOS  – The Oil and Gas Free Zones Authority (OGFZA) has announced that it has attracted more than $24 billion dollars in investments into Nigeria, an achievement that underscores the strategic value of the nation’s free zones. 

The Authority also threw its weight behind calls for a 10-year exemption for operators in special economic and free zones from the new tax law provisions. 

Bamanga Usman Jada, OGFZA’s Managing Director and Chief Executive Officer, made the disclosure during a town hall meeting with the Federal Inland Revenue Service (FIRS) and OGFZA licensees held at the Onne Oil and Gas Free Zone in Rivers State. 

He argued that the proposed 10-year extension would provide operators with the “adaptation space” needed to transition and comply with evolving tax requirements, noting that Nigeria’s free zones have already generated hundreds of thousands of direct and indirect jobs across the country. 

“Distinguished guests, I endorse the appeal presented last week by the Managing Director/CEO of the Nigeria Export Processing Zones Authority (NEPZA) during the stakeholder engagement organized by the Ministry of Industry, Trade and Investment. The request seeks a minimum ten-year exemption for operators in special economic zones and free zones from the new tax provisions, allowing sufficient time for adaptation.” 

“Energy-oriented free zones have been pivotal in driving development in numerous nations, exemplified by the Jebel Ali Free Zone in Dubai and the Sohar Free Zone in Oman. These initiatives have drawn billions in investments, generated extensive employment opportunities, and positioned their economies as global leaders.” 

“Similarly, OGFZA-regulated free zones in Nigeria have secured over $24 billion in investments, accommodated more than 200 enterprises, and created hundreds of thousands of direct and indirect jobs. This underscores the value of robust incentives and effective regulation in accelerating industrialisation.”