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The Oil and Gas Free Zones Authority is making visible efforts to attract investors in the special economic zones it oversees to boost investment in the country.
It held a joint business meeting with a delegation of prominent investors in the oil and gas free zones this Thursday in Abuja.
OGFZA managing director Bamanga Usman Jada led the investors on a working visit to the minister of industry, trade and investment, Doris Uzoke-Anite.
In attendance at the meeting were, the Global Chief Executive Officer of APM Terminals, Frederik Kinke, COO of APM Terminals Nigeria; Keith Svendson, the Co-Chairperson of Nesgas Producing Limited, Mrs. Nosa Okunbor, the Chief Operating Officer of Nesgas Producing Limited, Mr. Emmanuel Uwandu representing the Managing Director, Mr. Tunde Banjo; Chief Financial Officer (CFO), Sir Stephen Alaekwe, ED Procurement & Supply Chain Management, Eyoessien Ekpenyong, ED, Operations & Maintenance, Danladi Abraham Zakowi, all of Alternative Petroleum & Power Ltd (APPL), and the Managing Director/CEO of the Bank of Industry, Mr. Olasupo Olusi.
T he meeting discussed investments and job creation in Nigeria’s oil and gas industry, highlighting the country’s increasing appeal to foreign direct investors.
A $112 million state-of-the-art facility has been completed by the APM Terminals.
And the Global Chief Executive Officer, Frederik Kinke has promised the firm would invest an additional $500 million over the next four years to boost operational efficiency.
Explaining the extent of the investments, Bamanga Usman Jada announced both moves could create employment for 900,000 skilled and unskilled workers.
“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,” Jada said.
“More employment and investments are on the horizon due to the recent decisions of international firms to raise their investments in Nigeria.”
Jada explained to the minister that SEZs have attracted over $66b into Nigeria.
He also expressed optimism that SEZs would have contributed over 3million jobs by the end of the year.
With the construction of a 50,000 metric tonnes storage facility, Nesgas LPG is about to change the game in both the domestic and international LPG markets.
The construction of this facility is projected to create over 100,000 direct employment and help launch 500,000 enterprises.
“This venture not only underscores the untapped opportunities across Nigeria and Africa but also positions Nigeria as a key player in the global gas supply chain,” Emmanuel Nwadu said.
The delegation stressed the value of green energy and spoke about the achievements of Alternative Petroleum Power Limited (APPL), which is expected to export 520,000 metric tons of green and blue hydrogen and generate 300,000 jobs directly and indirectly.
Aligning with global trends towards sustainable energy solutions, the progreamme is to tap into Nigeria’s enormous natural gas reserves.
The nearly $100 million in investments that APM Terminals has made in the port infrastructure of Nigeria were detailed by Keith Svendson of the corporation.
He emphasized the significance of infrastructure in facilitating commerce and economic growth, and pushed for further government efforts to attract additional investments to modernize the Apapa ports.
In her response, Dr Uzoka-Anite admitted difficulties caused by external economic factors and applauded the investors’ dedication to Nigeria economic growth.
“The perseverance and commitment of our investors is clearly demonstrated by the upward trend of our economy,” she said.
“Simply following the money can give you a good idea of where the economy is heading.”
She urged Nigerians to “take advantage of all the opportunities that these investments provide”.
Promoting investment and job development
Nigeria’s oil, gas and energy sector is expected to create more than 1.8 million jobs through significant investments, and promoting the investments and developing jobs is crucial.
“It therefore means that the President Tinubu’s agenda of employment and job creation is achievable,” said Jada.
The meeting with investors comes after OGFZA earlier met with a delegation from Shell Nigeria Gas and Shell Energy Nigeria, who are seeking the authority’s collaboration as they diversify into offshore activities and gas supply.
