Over $66m Investment Attracted By Special Economic Zones To Nigeria - OGFZA

By Clement Alphonsus
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Bamanga Usman Jada (Managing Director, Oil and Gas Free Zones (OGFZA)

The Managing Director of the Oil and Gas Free Zones (OGFZA), Bamanga Usman Jada, has disclosed that the special economic zones (SEZ) have attracted $66 million in foreign direct investment into the country.

This was disclosed by the OGFZA boss when he led a delegation of investors in the zones on a courtesy visit to the Minister of Trade and Investment, Dr Doris Uzoka-Anite, in Abuja.

The investors include the Global Chief Executive Officer of APM Terminals, Frederik Kinke; COO of APM Terminals Nigeria, Keith Svendson and the Co-Chairperson of Nesgas Producing Limited, Nosa Okunbor.

OGFZA boss said Nigeria was becoming more appealing to foreign investors, especially going by the completion of the $112million state-of-the-art facility by the APM Terminals as well as promises made by the APM to invest an additional $500 million in the next four years to boost operational efficiency.

He said, “The SEZs have become magnets for foreign direct investments – thanks largely to President Bola Ahmed Tinubu’s unwavering support for enhancing productivity and building a resilient economy. More employment and investments are on the horizon due to the recent decisions of international firms to raise their investments in Nigeria."

He further noted that Shell Nigeria Limited and Shell Energy Nigeria have denied claims of exiting Nigeria, reaffirming that the oil company was rather diversifying and making new investments into a more environmentally-friendly energy source, stating that gas is very critical to national development.