Minister of State for Industry, Trade and Investment , Dr Samuel Ortom has inaugurated the technical committee for the 2013 oil and gas trade and investment forum billed for October at the Onne Oil and Gas Free Trade Zone.
The minister disclosed that the Federal Government is committed to the principles of the free trade zone concept because a free trade zone anchored on effective framework of regulations and guidelines delivers the best dividends to both investors and the host community.
According to Dr Ortom, “since inception, the Onne Oil and Gas zone has made tremendous and sustained progress in foreign direct investment, revenue generation, technology transfer, employment and wealth creation.”
The zone has recorded 150 investors since inception and government is set to raise the bar with the dedication of the Warri Port and Lagos Base as oil and gas free zones
“Government will continue to use all the instruments at its disposal to break down barriers and provide the enabling environment for private sector and foreign investment to thrive and develop the economy,” the minister remarked.
The committee which has representation from the ministries of trade, petroleum resources, transport, Orlens Invest West Africa amongst others, is expected to organise a two-day trade and investment forum on oil and gas, mobilize relevant stakeholders and monitor and follow up on the outcome of the forum in addition to other terms of reference.
Daily Trust spoke with Chibuisi Onyeabueke a member of the committee from Orlens Invest West Africa, managers of the Onne Free Trade Zone who disclosed that they are working towards having over 500 investors across the globe.
Information from Daily Trust was used in this report.