The Federal Government has moved to tackle the challenges hampering the growth and development of the oil and gas free trade zones in the country. The move, according to the Minister of Industry, Trade and Investment, Niyi Adebayo, will assist the Oil and Gas Free Zones Authority to play both a strategic and catalytic role in economic development. This, he said, would help the OGFZA contribute to employment creation, contribute to Gross Domestic Product, support the zero oil plan of the government and promote skills development.
He said these on Tuesday in Abuja at a forum for the amendment of the Oil and Gas Free Zones Authority Act. The minister said the time had come for a review of the Establishment Act of OGFZA based on the need to remove ambiguities and inconsistencies in the Act. This, he said, would help to achieve clarity and enhance effectiveness. The law under which the OGFZA is being operated has been in existence for 24 years.
The minister said, “We have observed that over the years the inadequacy of the Act has led to avoidable inter-agency conflicts and hampered OGFZA in the execution of its mandate. “As a ministry, we feel that it is important that we create a platform by which we can directly engage all relevant stakeholders in a process that will deliver the best outcome possible for all.”