In efforts to produce a more legally and economic sustainable document for operations, the Senate, last week moved to amend the Oil and Gas Export Free Zone Authority Bill.
The bill according to the Senate President, David Mark is the fundamental ideology behind free trade zones were economically viable laws that act as catalyst for economic growth.
The Senate President stated this while declaring open a public hearing on the Oil and Gas Free Zone Authority Cap Amendment Bill organised by the Joint Senate Committee on Trade and Establishment and Public Service.
He said, “The importance of the oil and gas export free zone to our economic sustenance and future cannot be undervalued, hence, the emphasis on its amendment by this gathering. This is borne out of the need to enhance the sector, address grey areas and set it in motion for a more gainful economic contribution.
“On the part of the National Assembly, we will continue to ensure that policies geared towards economic and technological empowerment, employment creation and human development receive the appropriate legislative framework.”
The chairman of the committee, Senator Odion Ugbesia, in his welcome address said free zones all over the world were instrumental in boosting industrial and economic growth.