The federal government of Nigeria realised a sum of $2 billion (N611 billion) as revenue from the operations of the Onne Oil and Gas Free Zone through the Nigerian Ports Authority (NPA) within the last six years.
Oil and Gas Free Zone Onne, managed by DMS International Ltd, is the only Free Zone in the world dedicated solely to the oil and gas industry. This bold initiative has been a major success story for Nigeria.
The free zone was developed by INTELS Nigeria to create employement opportunities and also provide a means of foreign investment in the country. The zone is currently one of the fastest growing in the world and it hosts more than 170 companies.
The Managing director of Oil and Gas Free Zones Authority Mr. Umana Okon Umana said one of the keys to attaining greater productivity and growth in the Nigerian economy is making use of the potentials of a free trade zone which offers an increase in investment, job creation and exports. He said free trade zones also provide companies with streamlined regulations, reduced tax obligations and state-of-the-art infrastructure.
“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.