The Managing Director and CEO of the Oil and Gas Free Zones Authority (OGFZA), Bamanga Usman Jada has asserted that Nigeria’s Free Trade Zones (FTZs) do not result in revenue loss for the governments at the various levels in the country.
The OGFZA also clarified misconceptions about these zones being mere tax havens for investors.
Instead, he emphasised their role in generating significant foreign direct investment and supporting economic growth through job creation and infrastructure development.
Speaking when the management of LEADERSHIP Group, led by its vice chairman, Mike Okpere, presented the nomination award for ‘CEO Public Sector Of The Year 2024’ to him in his Abuja office, on Monday, Jada noted that rather losing revenues, the country gained a lot from special trade zones in terms of attraction of foreign direct investment, job creation, technology transfers, among others, which when quantified is higher than whatever taxes such companies would have paid.
Jada noted that a lot of people have no idea on the recent reforms by President Bola Tinubu’s administration.
