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Intels: Operators fret over FDI



Intels: Operators fret over FDI

The recent action by Oil and Gas Free Zones Authority (OGFZA) would discourage investors from coming into the country, some maritime experts have said.

They noted that the action of the authority against Intels Nigeria Limited (INL) had sent wrong signal and panic among business men operating in the zones.

The Managing Director of Samsung Heavy Industries in Nigeria, Mr Frank Ejizu, said that it was wrong for OGFZA to be wooing investors on one hand and scaring them away on the other hand.

Also, a Port Harcourt based oil and gas industry expert, Dr. Austin Obieze, accused the authority of damaging the concept of free trade zones in the country.

Obieze said in Port Harcourt that the OGFZA attack was a bad move.

He explained that Onne Free Zone was set up to promote trade and attract investors into the country through the oil and gas free zones concept.

He noted: “Free trade zones all over the world are created to serve as destination for capital, attract investment, create jobs and aid the transfer of technology to the host country.

“Free trade zones played a key role in the boom enjoyed by the Asian Tigers.”

However, Obieze said that OGFZA, under Umana Okon Umana, was doing the direct opposite of what it was established to do.

The General Manager, Finance, Lagos Channel Management Company Limited, Mr. Joseph Amoni, said that the action of  the government would scare foreign investors from the country.

Meanwhile, it was learnt that Prodeco International Limited, West Africa Machinery Services (WAMS), MGM Logistics Solutions Limited and Orlean Invest Limited were among the 16 companies that are exiting the free zone.

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