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Fg eyes multi-trillion dollar investments from oil and gas free zone
The Federal government is set to hold a two-day oil and gas trade investment forum in Onne, Rivers State, to attract investors into the free trade zone (FTZ)
Director of Trade, Ministry of Trade and Investment , David Adejuwon, who disclosed this in Abuja, said this was part of government’s efforts to increase domestic and foreign direct investments in the oil and gas free zone in the country.
The Director, who is also the Chairman Organising Committee 2012 Nigeria Oil and Gas Investment Forum (NOG-Invests 2012) hopes that the forum slated for 20th to 21st September would attract multi-trillion of investment into the sub sector
“We believe that at the end of the forum, some trillions of dollars of investment will role in, and we are confident that substantial amount of both local and foreign investors will be attracted” he stated.
The Chairman said the expectation is to have substantial domes-tic and foreign direct investment in the oil and gas free trade zone, especially in Onne because just only about 30 per cent of the place is occupied.
“As we are talking now, there are about 150 companies operating within the zone, just occupying only 30 per cent of the area and we want it to be occupied 100 per cent .
“We are expecting about 250 exhibitors because there is going to be exhibition aspect of the forum which will showcase the opport-unities in the down-stream and upstream of oil and gas. Our target is to have about 250 exhibitors because the space available is over 4000 square meters within Onne oil and gas free trade zone.
“We are also expec-ting participants from both within and various countries across the world, including Middle East, Asia, Europe, and United States of America, among others
“We also look forward for participation from the oil and gas state governors in Nigeria and Niger Delta Develop-ment Commis-sion (NDDC)” he stated.
Adejuwon said the objectives of the two-day event included showcas-ing the success story of Onne Oil and gas Free Trade Zone; attracting investment to other Free Trade Zones in Nigeria and promoting Public Private
Other objectives include enhancing the role of private sector in driving the economy, reducing the pressure on public and encouraging inflow of foreign direct investment into other sectors of the economy.
He said other objec-tives were to create jobs, wealth, reduce poverty, enhance industriali-sation and boost stra-tegic business alliances that will lead to survival and sustainability of visionary Nigerian businesses in longer term.
The forum, Adejuwon said, would also lead to improving the economy to achieve the vision of being among the top 20 economies by 2020; understanding the vast business growth opport-unities in the FTZ and utilise them to expand their businesses
The objectives, accor-ding to him, also include identifying and utilising the vast opportunities in the country to grow their businesses using the lesson of successful countries and understand the benefits and applications of the incentives offered on FTZ initiatives and learn the strategies to grow their businesses.Share