Tinubu’s Energy Push Attracts $1 Billion In Foreign Investment To Nigeria’s Free Zones

Tinubu’s Energy Push Attracts $1 Billion In Foreign Investment To Nigeria’s Free Zones

In a significant boost to Nigeria’s energy sector, President Bola Ahmed Tinubu’s efforts in promoting alternative energy have drawn over $1 billion in Foreign Direct Investments (FDI) to the Oil and Gas Free Zone Authority’s (OGFZA) Liberty Oil and….READ MORE…

Gas Free Zone (OGFZ) in just 17 months. Bamanga Jada, the CEO of OGFZA, revealed this during a recent awareness program on Compressed Natural Gas (CNG) infrastructure at the Onne Oil and Gas Free Zones in Port Harcourt.

Key figures from various sectors, including transportation, environment, and oil and gas, highlighted the vital role of CNG in driving industrialization and sustainable development. Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, lauded the CNG initiative as one of the President’s most transformative reforms.

The event, titled ‘Driving Sustainable Transportation: Accelerating CNG Adoption,’ marked a significant step in Nigeria’s move toward cleaner, more affordable energy sources. Oduwole emphasized CNG’s potential to reduce carbon emissions and its alignment with the Federal Government’s broader energy transition strategy. She also underscored Onne’s position as a central hub for innovation, investment, and industrial activity, poised to spearhead the adoption of CNG.

The initiative, backed by strong public-private collaborations, promises not only to provide a cleaner energy alternative but also to create long-term economic benefits. With the development of CNG infrastructure across the country, Nigeria is on track to become a leader in sustainable energy solutions.

The Federal Government is also supporting the initiative by offering subsidies and regulatory incentives, ensuring that CNG adoption is accessible and beneficial for all stakeholders. Experts like Michael Oluwagbemi, CEO of Pi-CNG, emphasized that gas is the key to Nigeria’s industrial future, with a significant increase in the number of CNG conversion centers nationwide.

At the forefront of this revolution is President Tinubu’s commitment to reducing energy costs and boosting industrial growth, with OGFZA playing a pivotal role in fostering investments that align with these goals. The program also reflects the growing confidence in Nigeria’s energy transformation, both from local and foreign investors.

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