By KUNLE KALEJAYE
The Managing Director of the Olokola Free Trade Zone, OKFTZ, Mr. Luk Haelterman, has revealed that lack of gas supply to generate electricity in the Zone is threatening its N4.73 trillion investments.
Haelterman who made this known to journalists in an interview, urged the Federal government to accelerate the development of more power plants in the country.
“The zone can attract vibrant investment but it is been hindered by lack of gas to generate the required electricity in the zone.
“We do not have gas access because no zone, within the country, is linked to gas facilities, which every zone needs.
“We need the help of government in the area of gas network and gas supply in order to meet up electricity supply to the zone,” he added.
The OK FTZ boss stressed that the zone presently has a power plant capable of generating between 10 megawatts and 50 megawatts adding that the federal government need to come to the aid of all FTZ operators in order for them to strive better in the country.
“Nigeria is very reach in terms of raw materials which attract most investors to invest in the free trade zone,” he said.
Haelterman listed some of the benefits accruable in doing business in Nigerian FTZ which also include relative proximity to major markets in Africa, Europe and America.
He added that a large domestic market for the 25 per cent of goods from the zones could be sold in the customs territory. He said that Nigeria’s FTZ regulatory regime is liberal and provide a conducive environment for profitable operations.
Haeiterman said that the zone has freedom from legislative provision pertaining to taxes, levies, duties and foreign exchange regulations.
He said that 100 per cent of foreign or local ownership of factory is permitted while there is quick approval for all licenses whether the business is incorporated in the customs territory or not.