Investing in the Oil and Gas Free Zone makes sound commercial
sense. Many of the incentives available to investors are comparable to that
obtainable in other successful Free Zones around the world. For example, the
combined facilities at the Oil and Gas Free Zone Onne provide an excellent base
for international companies to conduct their business operations in the dynamic
West African oil and gas industry. Indeed, the establishment of an Oil and Gas
Free Zone in Akwa Ibom State will further stimulate local and regional
industrial and economic growth.
As a matter of fact, the proposed Oil and Gas Free Zone to be
sited in Akwa Ibom State will play a major role in the development of the West
African oil and gas industry; with its unique package of incentives and
strategic advantages, which is unrivalled throughout the rest of the
sub-region.
The Free Zone offers an easy way to do business for companies
involved in the West African oil and gas industry. It heralds the creation of a
strategic centre of excellence and efficiency for all oil operating companies,
tank farm owners as well as service and equipment suppliers.
A range of financial incentives are available to investors
looking to set up operations within the Free Zone and these are similar to
those offered by other successful Free Zones around the world. An Oil and Gas
Free Zone also offers a whole range of other strategic benefits to companies
specifically within the oil and gas sector.
Among the general incentives offered by an Oil and Gas Free
Zone are quick and simple registration procedures facilitated by a One Stop
Investment Centre, absence of red tape, faster services, easy cargo customs
clearing procedures, plus fast track procedures at Lagos and Port Harcourt
international airports for all visiting and Free Zone expatriate personnel.
In other markets around the world, Free Zones have been
instrumental in boosting industrial and economic growth and accordingly a Nigerian
Oil and Gas Free Zone is designed to strengthen Nigeria’s future role in the
regional oil and gas industry. Among the advantages for Nigeria and Akwa Ibom
State in establishing the Free Zone are greater levels of foreign direct
investment; technology transfer; manpower development; provision of employment
opportunities and greater economic self-reliance.
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