By Soni Daniel

Abuja—Managing Director of the Oil and Gas Free Zones Authority, OGFZA, Mr Umana Okon Umana, has said the nation’s oil and gas free zones will serve as Nigeria’s first ports of call for foreign direct investments, since  the agency had mouth-watering incentives and benefits to investors who set up businesses there.

Umana, who disclosed this during a visit  to Malaysian High Commission  in Abuja, said the benefits for investors include zero tax from  federal, state and local  tax authorities; zero levies and rates (that is  no corporate tax, withholding tax, value  added tax and capital gain tax);  100%  foreign ownership and 100% repatriation of profit  and  dividends.

According to him, the benefits also include 100% repatriation of  foreign capital investments and streamlined documentation that makes for fast-tracking of all business transactions.

Umana explained to High Commissioner, Lim Juay Jim, that there were functioning and vibrant oil and gas free zones at Onne, Rivers State; Warri in Delta State and Apapa in Lagos, adding that OGFZA was developing additional oil and  gas  free zones in Brass, Bayelsa State; Ikpokiri, which is contiguous  with  Onne in Rivers State and Ibaka in Akwa Ibom State.

He told the High Commissioner that the new oil and gas free zones being developed in Brass, Ibaka and Ikpokiri, including the developed ones at Onne, Warri and Lagos, presented viable  and irresistible  opportunities for investors to take advantage of  and become part of the  profitable  history  of Nigeria’s oil and gas industry.

He said there were opportunities  for the  development of  infrastructure, such as roads and  power plants, to provide dedicated electric power for the oil and gas free trade hubs.

Umana also explained that attractive opportunities for  downstream industries as refineries, manufacturing of pipes for the oil and gas sector  and other related  industrial goods  as well as  infrastructure existed  for investors  in the free zones.

He said the oil and gas Authority was willing to partner any investor using the  public-private partnership, PPP, model to achieve its mandate and business plan, adding that the success recorded at the Onne free zone derived from the PPP business model.

In his response, the High Commissioner expressed joy at the visit and presentation made by the chief executive of the OGFZA,  promising  to visit the OGFZA headquarters with a delegation of Malaysian investors to explore investment opportunities in keeping with the strong historical and economic ties between Nigeria and Malaysia.