NASS Lauds OGFZA for Its Impact on the Nigerian Economy

The Oil and Gas Free Zones Authority (OGFZA) had the honor of hosting the Honourable members of the House of Representatives Committee on Commerce, as well as the Senate Committee on Trade and Investment at the Authority’s office in Maitama, Abuja, on 9th July 2024 and 10th July 2024, respectively. Both committees were led by their Chairmen, Hon. Ahmed Munir Lere and Senator Umar Sadiq Suleiman. The committees engaged in fruitful meetings with Managing Director/CEO of OGFZA, Bamanga Usman Jada, and his management team.

The meeting provided an opportunity for the committees to gain insight into the activities and operations of the Authority, discuss milestone achievements, and address the challenges confronting the Authority. They commended the MD/CEO for his tenacity in growing the OGFZA brand and his efforts to expand the activities of the Authority in Nigeria. According to the Chairman of the House Committee on Commerce, Honourable Munir, “Bamanga’s tenacity in growing the OGFZA brand and expanding the activities of the Authority across the country is commendable.”

Assuring the Authority’s management team of the committees’ unwavering support to assist the Authority in achieving its set goals, Hon. Munir stressed the need for all OGFZA-regulated Free Zones to continue to sustain the present gains. This, he noted, would facilitate an increase in Foreign Direct Investments (FDIs) and create an avenue for the northern parts of the country to enjoy the benefits of the activities of the Oil and Gas Free Zones. He further emphasized the need for the Authority to engage clients in its zones to prioritize the production and distribution of electricity as a means to actualize the much-needed power generation in the zones.

In his response, the OGFZA helmsman expressed gratitude to the Chairman for applauding his efforts and commitment towards promoting the OGFZA brand. He stated that besides giving the rest of the world an initiative to emulate the Special Economic Zones (SEZs) model specializing in hydrocarbon activities, the Authority is on the verge of securing a commitment with some clients to boost electricity, as well as provide Blue and Green energy. “We are already working on securing commitments with some clients on power generation, as well as to provide Blue and Green Energy in our zones, which will turn Nigeria into an international center for hydrogen energy in Africa.”

Jada also disclosed that working with sister agencies within its zones has boosted the one-stop-shop experience for its clients and made it easier to navigate the activities of the Authority and its prospective investors. He revealed that the Authority has, since inception, attracted investments worth over $24 billion in FDIs and local investments of over ₦399 billion, creating over 200,000 jobs in Nigeria. While Jada received a nod from the committees for their assurance in growing the OGFZA brand, he urged them to use their good offices to support the activities of the Authority.

The committees took cognizance of the need for collaborative efforts to assist the Authority in driving economic growth and attracting more investments into the country. They affirmed their unwavering commitment and support for the nation’s oil and gas free zones to thrive.

Meanwhile, the Oil and Gas Free Zones Authority (OGFZA) has long been recognized as a pivotal institution in Nigeria’s economic landscape, playing a critical role in attracting foreign direct investments and fostering local economic development. Its commitment to enhancing the nation’s oil and gas sector through strategic partnerships and innovative solutions has yielded significant results, as highlighted during the recent meetings with the House of Representatives Committee on Commerce and the Senate Committee on Trade and Investment.
The Authority’s commitment to innovation and excellence continues to set it apart as a leading institution in Nigeria’s economic landscape. By fostering a conducive environment for investment and growth, OGFZA is playing a crucial role in shaping the future of the nation’s oil and gas sector. As it continues to attract significant investments and create job opportunities, OGFZA remains a beacon of progress and a catalyst for sustainable economic development in Nigeria.