Stakeholder in Nigeria’s petroleum and maritime industries have hailed the takeover of the Export Free Zones (EFZ) involved in oil and gas activities  by the Oil and Gas Free Zones Authority (OGFZA) saying the development was in line with relevant legislations.

They also applauded the political will demonstrated by the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami and his counterpart in the Ministry of Industry, Trade and Investment, Otunba Niyi Adebayo, on their correct interpretation of the Nigeria Export Processing Zones Act (NEPZA) Cap No 107, Laws of the Federation of Nigeria (LFN) 2004 and the Oil and Gas Export Free Zone Act Cap 05 LFN 2010.

They also hailed President Muhammadu Buhari for standing firm on his avowed determination to correct the wrongs of the past in the sector.

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In a statement, some operators, under the aegis of Concerned Maritime Professionals (CMP) alleged that the NEPZA was aligning with some firms scared of competition and hell-bent in creating monopoly to frustrate efforts to attract foreign investments into the free trade zone.

“Nigeria is in need of foreign investments due to persisting COVID-19 pandemic and the dipping price of oil, therefore the government’s initiative is laudable in the sense that it would usher in transparent operation of free zones in Nigeria. It will boost more investments and end the era of monopoly in the free zones. It has become obvious that NEPZA failed to carry out the role of free zone manager. It did not encourage new investments and it caused frustration and suffering to existing foreign investors in a bid to satisfy its greed.”