Government’s policy review to boost investors’ confidence in logistics sector
The Federal Government’s approval of a policy review to remove monopoly in the nation’s oil and gas logistic services sector, will attract Foreign Direct Investment (FDI), build investors’ confidence and establish the ease-of-doing business in Nigeria.
The Chairman of Snake Island Integrated Free Zone (SIIFZ), Abdulahi Yusufu, who made the assertion in a media statement on Monday, applauded the bold step taken by Federal Government to create a level-playing ground in the industry.
Yusufu described the policy review as a catalyst designed to boost operations, eliminate the entrenched monopoly and remove bottlenecks that had inhibited development over the years.
According to him, the Federal Government deserved commendation for ensuring that a practical approach and well informed decision was taken to address the deep-rooted problems affecting the growth and development of the oil and gas logistic services.
He said: “Free zones operators, investors both local and foreign, terminal port operators will henceforth experience relief while the enormous economic potentials of the sector will positively impact on the economy because of the policy review. The policy guarantees importers ‘the right to choose terminals or ports of their choice for the discharge of their cargo.’ This hitherto was impossible due to the monopolistic advantage enjoyed by Intels.”
The SIIFZ Chairman recalled that free zones stakeholders and ports terminal operators earlier this year had raised alarm against the proposed Bill to amend the Oil and Gas Export Free Zone Authority (OGEFZA), which if passed could have entrenched Intels’ monopoly in the sector.
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