Investors in the Onne Free Zone will enjoy a major relief as the regulatory agency of the zone, the Oil and Gas Free Zones Authority, OGFZA, partners an investor to roll out embedded power at lower cost in the enclave in the next eight months.
Addressing investors in the zone and other stakeholders at a joint stakeholders’ forum on improved service delivery in Onne, Managing Director of OGFZA, Mr. Umana Umana, said the move was aimed at reducing the cost of doing business in the zone.
Umana said: “In order to reduce the cost of doing business in the free zones regulated by OGFZA, we are partnering an investor to provide embedded power supply in Onne Free Zone within the next eight months.
“We are also seriously addressing the challenge of high cost of doing business in the free zone arising from other tariffs. We have engaged all the stakeholders in this regard, including developers of the free zone and the IOCs, all of who have agreed that the tariffs are way too high and must come down.
“In this regard, the authority, in line with the extant law and regulations, will soon be issuing a new schedule of tariffs which will be applicable in the free zones.
“I am happy to report also that in March this year, the authority, in compliance with the extant law and regulations, implemented a modified Standard Operating Procedure to enhance transparency, accountability and efficiency.
“Furthermore, in line with the commitment made in our roadmap, we have begun the full automation of our processes with the deployment of the Oracle Cloud application in all aspects of our operations.
“When it is fully operational, the Oracle application will make it easy to achieve our set goals of meeting a new licence request within 14 days and a renewal request within 48 hours.”
The forum was jointly organised with the Nigeria Customs Service, NCS, whose Comptroller-General, Col Hameed Ali (retd.), pledged to partner OGFZA to achieve the best of the free zones.