By Chinwendu Obienyi
The Federal Government has assured that it will retain incentives that have been put in place to attract investment in the oil and gas free zones across the country.
Disclosing this during an official visit to Indorama and Brawal offices in Onne, Rivers State, Managing Director of the Oil and Gas Free Zones Authority (OGFZA), Mr. Umana Okon Umana, said that assurances have been given to retain incentives so as to attract investors operating in the zones, adding that the government was working on creating an enabling environment for investors.
“The Federal Government is working on retaining these incentives that have been kept in place so as to attract investments in the oil and gas free zones in the country, as these incentives were specifically designed to support investors operating in the zones.
He commended Indorama and Brawal management for their show of strong confidence in the nation’s economy, assuring government would create an enabling environment for the firms to optimise returns on their investments,” he said.
Umana further said, “OGFZA’s support for free zone businesses include unflagging implementation of the policy on ease of doing business, enhanced in part by the one-stop-shop concept in force in the free zones, including a regime of attractive package of incentives highlighted by 75 per cent import duty rebate, 100 per cent foreign ownership, as well as 100 per cent repatriation of profit and dividends.”
He then reiterated the agency’s open door policy and stressed its willingness to solve policy-related problems that could hamper legitimate operations of free zone investors.
Indoram has so far invested $1.2 billion in the free zone and exported more than 1.2 million metric tonnes of urea in 2016 while supplying a further 300,000 metric tonnes of the product to domestic market.