Nigerian government is reviewing the act establishing oil and gas free zones authority (OGFZA) to remove ambiguities and enhance effectiveness
The government has called for input from stakeholders on the way to go.
Adeniyi Adebayo, minister of industry, trade and investment, said that over the years, the inadequacy of the act had led to avoidable inter-agency conflicts and hampered OGFZA in the execution of its mandate. Therefore, it is essential that ambiguities and inconsistencies are eliminated to achieve clarity and enhance effectiveness.
Umana Okon, OGFZA managing director, expressed worry over imperfections in the act which was put in place 24 years ago. According to him, without appropriate legal framework, it can not not exercise the mandate effectively.
OGFZA is the national regulatory agency that regulates and manages Nigeria’s oil and gas export free trade zones. The authority began regulatory operation in Onne, Rivers State, in 2000.
The first oil and gas export free zone established in the country was the Onne oil and gas free zone in Rivers State. Subsequently, other oil and gas free zones were established as public-private partnerships between the Federal government of Nigeria and private sector operators.