The Imo State Oil And Gas Free Trade Zone – The Gains

With the announcement by Governor Uzodimma of the approval of the Imo State Oil And Gas Free Trade Zone by President Mohammadu Buhari, a key sector of the Imo State Industrial Policy is about to be unlocked further.

The question is; What is a free trade zone?. A Free Trade Zone is a category of the special economic zone in Nigeria. It is areas where goods may be landed, manufactured, handled, stored, or perhaps reconfigured and re-exported under specific customs regulation. The goods processed for export from free trade zones are not subject to customs duty. A company does not need an import or export license if established in one of the FTZs.

For the Imo oil and gas free trade zone, it implies an deal location from which to establish a

distribution hub to service Oil & Gas projects both onshore and offshore.

With functional oil and gas free trade zone in Imo State, companies that are registered and operating within the Free Zone can bring in vital time sensitive materials into Imo State without being choked up by government bureaucracy and red tape.

When the Imo oil and gas free trade zone comes on board, the following support services will be in place in the location, such as: Efficient Sea Port, Digital & Microwave

Telecommunications, 24 Hour Customs Operation, No Red Tape, Minimum Bureaucracy and Paperwork, Power Generation, Heliport, Warehousing Facilities, Open Yard Storage, 24 Hour

Immigration Services and many other supporting facilities.

Companies involved in the following operations can easily relocate to the Oil & Gas Free Zone, namely,

Storage, Stacking, Supply Management, Distribution,

Inspection, Transhipment, Consolidation and repackaging. Process Industries, assembling and manufacturing activities associated to the Oil & Gas sector.

Governor Uzodimma has repeatedly said that Imo State has what it takes to lead the economic development of South Eastern Nigeria especially leveraging on public and private partnerships to utilize the abundant gas resources in Imo State.

One of the points pushed at the launching of the Imo Industrial policy is the need for industries to meet Imolites where they are so that it can naturally inspire them to abundance and greatness. The Imo State oil and gas free trade zone will meet the people of the catchment area of Oguta and Ohaji-Egbema where they are and will inspire them to abundance and greatness. Imo State will benefit entirely.

When we talk about the audacity of Governor Hope Uzodimma, this is a clear example.

– Eze Ugochukwu is the Special Adviser to Imo State Governor on Public Enlightenment.