• Thursday, February 29, 2024
businessday logo


Special Economic Zones now magnets for foreign direct investment — OGFZA

Special Economic Zones now magnets for foreign direct investment — OGFZA

In pursuit of Nigeria’s drive to attract foreign direct investors, Bamanga Usman Jada, the managing director of the Oil and Gas Free Zones Authority (OGFZA), has described the special economic zones as magnets for foreign direct investment.

Jada disclosed this during his visit to Doris Uzoka-Anite, the minister of Industry, Trade, and Investment in Abuja.

He explained that the completion of a $112 million state-of-the-art facility by the APM Terminals and promises made by the Global Chief Executive Officer, Frederik Kinke to invest an additional $500 million over the next four years to boost operational efficiency, will create employment for 900,000 skilled and unskilled workers.

Read also: Stakeholders hold fair to drive investments, enhance AfCFTA trade

He said, “The Special Economic Zones have become magnets for foreign direct investment, 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 said.

Targets creation of over 3m jobs by 2024

Speaking further, Jada said that SEZs had attracted over $66b into Nigeria adding that SEZs would have contributed over 3 million jobs by the end of the year.

He said President Tinubu’s agenda of employment and job creation is achievable stating that the government’s target to bring Nigerians to a $1 trillion economy is achievable.

He mentioned ongoing efforts on gas supply partnership with a Shell Nigeria Limited delegation.

According to him, Shell has denied claims of speculations of exiting Nigeria, adding that Shell has diversified and made new investments into more environmentally friendly energy sources.

Read also: UK Trade Minister, Badenoch seeks deeper ties with Nigeria, eyes new investments

In her remarks, Uzoka-Anite the perseverance and commitment of investors to the Nigerian economy, stating that the upward trend of our economy demonstrates it.

“Simply following the money can give you a good idea of where the economy is heading, take advantage of all the opportunities that these investments provide.”

The minister reminded stakeholders that the government is committed to removing business obstacles, with a focus on the oil and gas industry.