Press releases

Reviewing progress of work on the proposed free zone after receiving a briefing from the Liberty Oil and Gas Free Zone Joint Implementation Committee at the end of a review meeting in Uyo, managing director of OGFZA, Mr. Umana Okon Umana, said he was impressed at the pace and level of mobilization and promotion by the state government to attract investors to the project.

At the review meeting, chairman of the implementation committee, Mr.Gabriel Ukpeh, who is also the special adviser to the Akwa Ibom State governor on foreign direct investment, gave timelines for meeting key paperwork requirements on the project as well as insight into important engineering and technical works concluded and scheduled to be done.

Ukpe reported that a preliminary aerial survey and a temporary access road to the 50,000-hectare site for the proposed free zone have been completed. He explained that the dredging of the sea that will serve the shipping needs of the project is awaiting full consultation with the host communities across Akwa Ibom and the neighbouring states since the impact of dredging cuts across state boundaries.

A member of the committee, Engr. Ufot Ebong, who is the special adviser to the state governor on technical matters, said the number of international investors that have indicated interest to bring investments into the Liberty Free Zone was large, including Exxonmobil, who he added, has made a request for a dedicated terminal in the proposed free zone. He did not give further details and more specifics.

Ebong also said the case of property owners within the area acquired for the free zone would be addressed either through integration into the project or relocation from the project site.

Liberty Free Trade Zone with Ikot Abasi Jetty in Akwa Ibom State, is located in the South-Eastern Corner of the country, is the 10th largest state in Nigeria in terms of population

The state is economically very vibrant and blessed with tropical climate, arable land, abundant water and mineral resources and represent the single largest oil producing state in Nigeria and also hosts Exxonmobil’s largest oil facilities in Africa.

The vision that is being put into development for Liberty Free Trade Zone will make the Free Zone the first of its kind in Africa with major US, European, Arabian and Asian Corporations as key operators at the Free Trade Zone estimated to be in the region of US $20Billion.

Nigeria is the largest oil producer in Africa and has one of the largest gas reserves in the continent with an estimated recoverable proven reserve of about 37 billion barrels of oil and 179 trillion cubic feet of gas.

This implies that Nigeria will remain a long term global supplier of oil and gas. The oil and gas sector is the main stay and major export of the Nigerian economy. It accounts for about 90% of the country’s foreign exchange earnings and about 80% of Federal Government Revenue.

We have finalized funding for Liberty Free Trade Zone and targets to break ground to commence the project in January of 2018.