Business
Sterling Petrochemicals’ Free Zone to garner $19bn FDI

Adebayo Obajemu
Sterling Petrochemicals and Fertilizer Production’s free trade zone, SPFL FTZ, in the Liberty Oil and Gas Free Trade Zone, will attract about $19 billion foreign direct investments and generate 25,000 jobs when completed.
Nittin Shah, Head of Liberty Oil and Gas Free Trade Zone, made this known during the inaugural tour of the zone by the Managing Director of OGFZA, Sen. Tijjani Yahaha Kaura.
Liberty Oil and Gas Free Trade Zone, LOGFZ, which spreads across six local government areas in Akwa Ibom State, is the largest Oil and Gas Free Zone in West Africa with a landmass, measuring about 50,000 hectares.
In a presentation, the head of LOGFZ, Nittin Shah, explained that SPFL was a developer focused on gas downstream projects such as LPG, LNG, petrochemicals and port jetty shipping.
Shah said SPFL FTZ has a landmass of 1736 hectares, and was strategically located with proximity to the Oil and Gas fields.
“The developer is currently constructing two bridges over the major creek.
“Upon completion, SPFL FTZ will generate over 25,000 employment of Nigerians, attract over $19bn Foreign Direct Investment into the country, and fully position Nigeria as a net exporter of Gas and other petrochemical products.”
In his response, the Managing Director of OGFZA, Sen Tijjani Kaura, praised the investors for considering Nigeria as its investment destination, and assured them of his support in addition to the support and investment incentives the Authority has been providing to encourage them.
“As you know, the Free Zone is established by the Country’s Government in order to provide some incentives and support in all ramifications. So be sure that you will get all our support within the Authority and beyond. We have the capacity to get you this support for you in the upper level of government.”