The Minister of Trade and Investment, Olusegun Aganga, announced that the Onne Oil and Gas Free Zone is today adjudged the single largest and fastest growing Free Zone in the world dedicated to the oil and gas industry.
With total investment in the zone presently standing at $6 billion (N930 billion), the Minister says that, “It has currently recorded the registration of about 150 investors in the zone with a cumulative investment to date of $6 billion (N930 billion) and creation of well over 30,000 direct and indirect jobs for our people, both skilled and semi-skilled”.
The Minister also said that the Zone has attracted all the major oil companies who use Onne as a hub of their activities covering the whole of the Gulf of Guinea up to Angola in Southern Africa, positioning Nigeria as a major player in the Oil and Gas Industry in sub-Saharan Africa. Government will always be ready to support would-be investors as they stick to policies and procedures laid down by the relevant legal authorities.
The establishment of the Onne Oil and Gas Free Zone has been a crucial development in Nigeria. It is the only Free Zone in the world to focus exclusively on the oil and gas industry. The Onne Oil and Gas Free Zone was opened by the government during early 1997 in a bid to draw in fresh investment into the country and promote local and regional economic growth.
“It is on record that investment inflows into the Free Zones have accounted for about 60 per cent of the total investment into Nigeria within the last ten years”, the Minister said.
The Free Zone is supported by an Oil Service Centre and other facilities to provide oil companies and service companies alike with virtually everything they need to operate. The Free Zone also offers a highly competitive range of tax concessions plus other investment incentives including minimal bureaucracy, to ease the flow of business.