OKFTZ to attract N4.73 trn investment in 3 years – MD
The management of Olokola Free Trade Zone (OKFTZ) Enterprise, has said that it would attract N30 billion dollars (N4.73 trillion) investments in the next three years time.
Mr Luk Haelterman, the Managing Director of the OKFTZ, who disclosed this in an interview with newsmen in Lagos, said that the zone has huge investment potentials when completed.
He said that presently, the profile of the zone stood at between 20 million dollars and 30 million dollars.
“Presently we have about 60 investors at the zone but we are targeting 1000,’’ he said.
Haelterman, a Belgian, said that the zone could attract more vital industries, but hindered by lack of gas to generate required electricity in the zone.
He, therefore, urged the Federal Government to hasten the development of power plants in the country.
“We do not have gas access because no zone, within the country, is linked to gas facilities, which every zone needed.
“We need the help of government in area of gas network and gas supply to meet up electricity supply to the zone,’’ he added.
The OKFTZ boss said that the zone presently has a power plant capable of generating between 10 megawatts and 50 megawatts.
He said that serious plant needed effective gas supply and “to have the required gas supply, government should provide enabling gas pipelines’’.
He said that government needs to come to the help of all FTZ operators to strived better in the country.
“Nigeria is very reach in terms of raw materials which attracted most investors to invested in the free trade zone,’’ he said.
Haelterman listed some of the benefits accruable from doing business in a Nigerian FTZ to include relative proximity to major markets in Africa, Europe and America.
He added that a large domestic market for the 25 per cent of goods from the zones could be sold in the customs territory.
He said that Nigeria’s FTZ regulatory regime was liberal and provided conducive environment for profitable operations.
Haeiterman said that the zone has freedom from legislative provision pertaining to taxes, levies, duties and foreign exchange regulations.
He said that 100 per cent of foreign or local ownership of factory was allowable while one stop approvals for all licenses whether or not the business is incorporated in the customs territory or not.
“The zone has unrestricted remittance of profits earned by investors, permission to sell 100 per cent of total production in the domestic market.
“Rent free land at construction stage, thereafter rent shall be as determined by the management of the zone. Foreign managers and qualified personnel may be employed by companies operating in the zones,’’ he confirmed.
The Olokola Free Trade Zone is a state of the art Industrial Zone of about 10,000 hectares located on the boundary between Ogun and Ondo States, southwest Nigeria.