FG to retain 75 per cent import duty rebate at oil and gas free zones

The managing director of the Oil and Gas Free Zones Authority (OGFZA), Umana Okon Umana

The managing director of the Oil and Gas Free Zones Authority (OGFZA), Umana Okon Umana has given the assurance that government will retain incentives that have been put in place to attract investment in the oil and gas free zones across the country.

Umana explained that the incentives were specifically designed to support investors operating in the zones. Speaking during official visit to Indorama and Brawal offices in Onne, Rivers State, Umana commended the companies for their show of strong confidence in the nation’s economy and pledged to create the enabling environment for Brawal, a free zone developer, and Indorama, a free zone investor, to optimize return on their investments.

Umana explained that OGFZA’s support for free zone businesses include unflagging implementation of the policy on ease of doing business, enhanced in part by the one-stop-shop concept in force in the free zones; a regime of attractive package of incentives highlighted by 75per cent import duty rebate, 100 per cent foreign ownership, as well as 100 per cent repatriation of profit and dividends.

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Indoram has so far invested $1.2 billion in the free zone and exported more than 1.2 million metric tons of urea last year and supplied a further 300,000 metric tons of the product to the domestic market. Umana reiterated the agency’s open door policy and stressed its willingness to solve policy-related problems that could hamper legitimate operations of free zone investors.

He therefore advised businesses at the free zones to bring their policy-related challenges to his attention any time they arise. He also called for more collaboration between investors and the regulatory agency in order to achieve greater synergy and facilitate ease of doing business in the free zones.

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