Oil and Gas Free Zone Authority, OGFZA has blamed insecurity for the mass exodus of foreign companies operating in the country.
The departure of the companies means a significance deep in the country’s drive for Foreign Direct Investment especially at a time when Nigeria’s local and foreign debt profile is at an all time high of N81tn.
Addressing journalists in Abuja, the Managing Director, OGFZA, Senator, Tijjani Kaura said several companies operating at the Free Zones left due to various reasons.
“Over 200 companies were operating in the oil and gas free zones but for so many reasons; some of them had to leave.
“During COVID-19, some of them left and also due to elements of insecurity.
“But as of now, we have about 77 companies and they are doing very well. In Warri, we have about seven companies; in Liberty, we have about 12, Brass two, Bestaf two, Notore two and so on,’’ he said.
Senator Kaura said the agency remitted over N138bn to the Federal Government between 2018 and 2021as well as attracted FDI to the tune of $21.6bn, transferred technical skills to 35, 330 Nigerians while over 41,085 persons secured direct employment and 164,000 others indirect employment.
‘’I am happy to inform you that the eight free zones are evolving well and making impactful contributions to our country’s economy.
“Between 2021 and 2022, OGFZA attracted a total investment commitment of $15.97bn from new and existing investors in five of the oil and gas free zones.
‘’They include Brass Oil and Gas Free Zone: Proposed investment, $3bn; Notore Oil and Gas Free Zone, $5.35bn; Liberty Oil and Gas Free Zone, $6.4bn; Bestaf Maritime and Industrial OGFZ, $485m and OGFZA-SBA Free Zone, $738m. The total commitments amount to $15.97bn,” he said.
