Managing Director/CEO Oil and Gas Free Zones Authority (OGFZA), Bamanga Usman Jada, has described President Bola Ahmed Tinubu as a blessing to Nigeria because the country is achieving unprecedented feats in many sectors of the economy under his leadership.
Jada said this when he received letter of nomination for Blueprint Newspapers’ Best CEO of the Year Award to be conferred on him at the Impact Series/Award ceremony scheduled for July 22, 2025.
He said the OGFZAhas attracted $24bn investments and $30bn investment commitment under President Tinubu’s leadership.
“I want to share how we, as a federal government agency, have been working diligently to support the Renewed Hope Agenda of Mr. President. Our mandate is to regulate, administer, manage, develop, grant permissions, and issue licenses to all investors within the oil and gas sector of this nation. Part of our core responsibilities is to attract both foreign direct and local investments, accelerating economic growth and development, transferring technology and skills, and spurring social development.
“Since the inception of this administration, we have witnessed significant investment commitments, both foreign and local. Investors are confident in the president’s leadership and vision. They see his dedication to creating a conducive environment for businesses to thrive, and as a result, we have successfully attracted numerous investments, which we are now tracking to ensure actualization.
“For instance, not long ago, we signed a Memorandum of Understanding with a Chinese firm and German partners to establish a state-of-the-art facility in our Akwa Ibom zone for producing 340,000–800,000 metric tons of green and blue hydrogen. This €7.6 billion project is not only a strategic investment but also aligns perfectly with the president’s vision for transitioning to cleaner, more sustainable energy sources,” Jada said.
Speaking further, the OGFZA boss said: “Nigeria, as you know, is more of a gas-rich country than an oil country. We have over 209 trillion cubic feet of natural gas reserves compared to 37 billion barrels of crude oil, which presents immense opportunities for investment in gas-related activities. That’s why the president, in his wisdom, initiated the Compressed Natural Gas (CNG) initiative. This project is not only economically beneficial but also environmentally friendly. Using CNG can reduce costs by over 70% compared to conventional fuels, offering a cleaner and more affordable alternative.
“As an organisation, we have wholeheartedly aligned with the President’s CNG initiative. We recently launched a CNG conversion and refuelling facility in our oil and gas free zone in Rivers state. This facility will help convert heavy-duty trucks and buses to CNG, which is equivalent to converting 20 smaller vehicles in terms of emissions reduction. This is a significant contribution to environmental sustainability and cost savings.
“To support the president’s clean cooking initiative, we have established a facility in the same zone to store and export 50,000 metric tons of LPG. This project will not only meet domestic needs but also contribute to mitigating the impact of climate change.
“We have also seen immense support from the Hon Minister of State for Gas, who has been a father figure in championing gas sector investments and ensuring environmental sustainability. His dedication and drive have played a crucial role in these milestones.
“For example, in Akwa Ibom, we had a ground-breaking ceremony for a 20,000 metric tons LPG facility by Windex, as well as a 50,000 metric tons LPG facility by Next Gas Producing Limited. These achievements are clear signs that the president’s economic policies—removing subsidies and stabilising the currency—are fostering an environment that encourages investment.”
…On fuel subsidy
Jada also commended President Tinubu for removing fuel subsidies and channelling resources to address critical needs of the citizens.
He said the removal of fuel subsidies has made it possible for the federal government to save a lot of funds for developmental projects across critical sectors of the nation’s economy.
“When the president came into office, he made bold decisions. He removed the subsidy and streamlined the currency to eliminate the multiple exchange rates that created volatility in the market. This has given investors confidence, resulting in more inflows of foreign exchange and economic stability. Our debt-servicing ratio has improved, reducing from 98% to 67%, a monumental achievement. The naira is stabilising, and as investments increase and production grows, we will see further gains.
“It’s important to note that, prior to this administration; we were servicing debts with over 90% of our revenue, an unsustainable situation. Removing the subsidy and stabilising the currency were difficult decisions, but they are building our economy on a solid, sustainable foundation. Investors are coming in because they see a stable, transparent environment.
“I strongly believe that in the next year or two, the investment commitments we have secured will yield even greater returns, and we are focused on tracking these investments to ensure they become a reality, benefiting Nigeria and Nigerians,” said the OGFZA helmsman.
…Lauds Blueprint for objectivity
Jada also commended the management of Blueprint Newspapers for the award, saying he would not take it for granted.
“All I want to say is thank you; thank you very much to Blueprint Newspaper for recognising me. I deeply appreciate your unwavering support and commend your commitment to ethics, integrity, transparency and accountability.
“Blueprint Newspaper has become a household name in this country, and everyone knows the excellent work you are doing. We are grateful for how you have supported the appointment of the Hon Minister of Information who is a product of this reputable, responsible and responsive organisation. We can’t thank you enough.
“The accomplishments you see are not mine alone. They are the result of a dedicated and capable team within our organisation. Here with me are our General Manager in charge of finance, our General Manager of procurement, and the SA to the MD on procurement. Their innovation and commitment have made these successes possible.
“I am especially proud that this recognition comes from Blueprint Newspaper, an organisation known for its integrity and credibility. Thank you once again for acknowledging our efforts and for giving us a platform to showcase what we are doing for the nation,” he said.