The managing director of the Oil and Gas Free Zones Authority (OGFZA), Chief Victor Alabo, during a meeting with journalists at the Intels complex within the free zone at Onne, Rivers State, said the Onne free zone has invested $3.5 billion in its phase 4 port development currently under construction and has also attracted a total of $60 billion foreign direct investments (FDI) with Intels leading.
Alabo also disclosed that the other four oil and gas free zones under the regulation of the OGFZA have as well managed to garner a total FDI of about $15 billion. He also accredited the huge investments at Onne to the investors’ high level of confidence in the country.
“In this free zone (Onne), the biggest player is Intels and as an investor in free zones, they have confidence in the Nigerian economy and so they have made massive investment within the free zone. As oil and gas port developer, Intels has built several ports at the Onne free zone, including about 1,000 multi-billion Naira modern residential flats for oil and gas workers operating at the free zone”
“The 25-year concessionaire is currently developing the phase 4B projects meant for construction of FPSOs and container terminals. Initially, the port here has only seven or nine metres draught, but now, Intels has attained 12 metres draught. If an investor doesn’t have faith in the economy of this country, he can’t invest that much. Only the last phase of port investment is about $3.5 billion,” Alabo said.
He explained that the government’s support for the free zone, in terms of policy consistency had encouraged investors, while the authority was working to address the issue of interference on such policy by some agencies.
