Govt invests $4.8b, creates 30,000 jobs in free trade zone

OPERATORS of the Oil and Gas Free Trade Zone (OGFZ) in Onne, Rivers State, have been directed by the Federal Government to industrialise the zone within the next four years. Minister of Trade and Investment, Olusegun Aganga, gave the directive during a visit to the OGFZ Onne, where he observed the zone has all the ingredients to be one of the most successful in the country. Aganga explained that though about $5.4 billion had been generated for the Federal Government, about $4.8 billion investments had been made in the OGFZ and about 30, 000 jobs created directly and indirectly, the government still expected the operators to do more.

“I will market the free trade zone on their behalf with my team, but again, I want to see a clear industrialisation plan. When you talk about local content, to me it is about backward integration, it is about using the materials we have locally. That way you create jobs, that way you industrialise a country. Our strategy is about building our industries based on areas where we have competitive and comparative advantage,” he said.


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