FG upgrades Delta port tooil, gas free zone

THE Federal Government has upgraded the Delta Port in Warri, Delta State to an oil and gas free trade zone with the intention of attracting direct foreign investment into the country.The Oil and Gas Free Zone Authority Onne has signed the agreement with the developer manager, Port Free Zone Services Limited for the commencement of operation in Warri.The Managing Director of the Oil and Gas Free Zone Authority Onne, Noble Abe, while signing the agreement with the new Delta Port manager,Port Free Zone Services Limitedat Onne, Rivers State,said the government needed to seek international partners to helpadd value tothe Nigerian economy, particularly in the petroleum sector.Abe explained that in contemporary global business practice, countries adopt the principle of give and take. He expressed delight that Onne is going to bereplicated in Warri. To this end, he commendedIntels group for developing the Onne port and urgedother groups to emulate the company by investing in Nigeria.'You give somebody an incentive, he comes into your economy and adds value for you. You make the progress in terms of your growth and the person makes his profit. That is what every nation of the world is doing,' he said.He observed that except Nigeria adds value to its crude oil that is exported, the removal of petroleum subsidy would not provide the much expected magic wand to transform the economy.He said Nigeria must come to the realisation that removal of fuel subsidy is not the problem to Nigeria, because even if it is removed, the country would still beexportingbillons of dollarscrude oil and importingrefined petroleum products.He expressed dismay that a nation that is ranked the 7thlargest exporter of crude oil in the world is faced with a problemcentredaround what it has in abundance.According to him, it is quite disheartening going by the Senate findings on the issue offuel subsidy that a country that is blessed with one of the most important productsin the world, could still be strugglingwith the problem of poverty and non availability of the product.'In the senate report, NNPC said the nation export crude to Ivory Coast to refine, and we have refineries. Why can't we build more. Why are we sending crude to refine in Ivory Coast. I think the NNPC people do not understand that adding value locally create jobs in your own economy. When you take a product to add value elsewhere, you are creating jobs in that economy,' he said.The Managing Director saideffort should be made to addvalue to Nigerian crude oil products as its by products have the capability to create jobs and take the teeming number of unemployedyouths off the streets.Abe observed that the government is virtually on a standstill because of mismanagement in the petroleum sector which issupposed to generate wealth and make Nigeriarich like other major oil producing countries of the world.'I was shocked to hear yesterday that it is only 170,000 barrels of oil that is being refined in Nigeria. Is that not a shame to us as Nigerians' We are spending hundreds of millions of dollars every day on a product that we are supposed to be producing,' he said.
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