The Oil and Gas Free Zones Authority (OGFZA) is the national regulatory agency superintending over the operation of the oil and gas free trade zones in the country.
It started its operation in 2001 in Onne Oil and Gas Free Zone in Rivers State.
Below are Things you need to know About Oil and Gas Free Zones Authority (OGFZA) Nigeria
- Round-the-clock operation (365 days, 7 days a week).
- Ability to hold duty Free stock in a strategic location central to West Africa sub-Saharan region, enabling streamlined procurement logistics with reduced inventory requirement.
- 75% duty rebate.
- Computerized Free Zones Inventory Management System.
- Tax Incentives
- Direct access to sea and same-day turnaround of supply vessels operation.
- Single-point responsibility and vessel operations, cargo handling, warehousing, personnel, agency etc.
- Production in handling operations, no double handling.
- Increased efficiency in exploration and production activities with better project co-ordination and management.
- Ability to share both facilities and services.
- Access to major projects (onshore, offshore, ultra-deep and entire sub-Saharan West African Region).
- Long-term objectives for export oriented projects.
- Investment opportunities in upstream and downstream.
- Nigeria occupies a strategic position in Africa and globally, due to its abundant human and raw materials base, in addition to its highly untapped investment opportunities.
- OGFZs offer highly competitive range of tax concessions plus other investment incentives including minimal bureaucracy, to ease flow of business.
- Oil & Gas Free Zones in Nigeria, some are now the largest and fastest growing oil & gas transit and supply base in the world today.
- West Africa is now experiencing unprecedented growth in recent fuelled by developments in the energy sector. International companies are attracted to the region. In the OGFZs, the window of opportunity is open now and companies will need to be in position early to take advantage of any further future growth.