By Moses Ebosele, ebosele@hotmail.com
The Oil and Gas Free Zones Authority (OGFZA) has disclosed that it has attracted more than $24 billion in investments into Nigeria—an achievement that reinforces the strategic importance of the country’s free zones to national economic growth.
The Authority has also joined calls for a 10-year exemption for operators in special economic and free zones from new tax law provisions.
OGFZA’s Managing Director and Chief Executive Officer, Bamanga Usman Jada, made this known during a town hall meeting with the Federal Inland Revenue Service (FIRS) and OGFZA licensees held on Thursday, 11 December 2025, at the Onne Oil and Gas Free Zone in Rivers State.
A statement issued on Friday by Golda Opuine Ukomadu,
DGM/Head, Corporate Communications
Oil and Gas Free Zones Authority (OGFZA) quoted Jada as saying the proposed 10-year extension would create the “adaptation space” needed for operators to adjust to emerging tax requirements.
He noted that Nigeria’s free zones have already generated hundreds of thousands of direct and indirect jobs, demonstrating their importance to national development.
He aligned OGFZA with the earlier appeal by the Managing Director/CEO of the Nigeria Export Processing Zones Authority (NEPZA), who argued for a minimum ten-year exemption to help operators transition smoothly.
“Energy-oriented free zones have been pivotal in driving development in numerous nations, exemplified by the Jebel Ali Free Zone in Dubai and the Sohar Free Zone in Oman,” Jada said. “Similarly, OGFZA-regulated free zones in Nigeria have secured over $24 billion in investments, accommodated more than 200 enterprises, and created hundreds of thousands of jobs.”
He stressed that the proposed exemption, combined with phased implementation, would prevent disruptions for investors who typically design long-term strategies—often spanning 10 to 25 years—based on prevailing incentives. According to him, maintaining such incentives is crucial to sustaining investor confidence and strengthening the administration’s Renewed Hope Agenda.
Jada also recalled OGFZA’s achievements, including multiple recognitions from PEBEC as the Best Federal Agency on Ease of Doing Business (2018, 2019, 2022, and 2024) and global acknowledgement by the Financial Times’ FDI Magazine in 2018 as the world’s best specialized free zone.
He expressed appreciation to President Bola Ahmed Tinubu, the Minister of Industry, Trade and Investment Dr. Jumoke Oduwole, and the Minister of State Senator John Enoh for their leadership and support. Under the current administration, he said, exports from Nigeria’s oil and gas free zones have surged to 496,537,804 metric tons, supplying markets in Brazil, the U.S., France, India, the UK, South Korea, and beyond.
Reaffirming OGFZA’s commitment to policy alignment, he noted:
“OGFZA is fully ready to sustain collaboration with FIRS to ensure that tax reforms are executed efficiently and equitably.”
In his remarks, FIRS Executive Chairman Dr. Zacch Adedeji stated that the 2025 tax reforms are designed to modernize Nigeria’s fiscal framework. Represented by the Special Adviser on Tax Incentive Management, Dr. Cletus Adie, he emphasized that the focus for Export Processing and Free Trade Zones is not on taxing income or profits, but on ensuring transparency, accountability, and compliance with reporting obligations.
Adedeji condemned the “recalcitrant behaviours” of some enterprises, which he said necessitated a stricter administrative framework backed by Section 72 (4)(f) of the Nigerian Tax Administration Act. He further revealed that tax clearance certificates would now be mandatory for renewal of operating licenses to ensure full compliance.
Stakeholders present at the town hall meeting unanimously supported calls for a 10-year exemption from the new tax provisions to allow operators in special economic and free zones ample time to adjust.
The event featured special presentations, interactive sessions, and a question-and-answer segment.
–ebosele@hotmail.com
