Legal Regime for Oil and Gas Free Trade Zone

Abstract

A country whose major source of revenue is an object of free trade zone program raises interest. The concept of Free Trade Zones in Nigeria was embraced as far back as 1992 with the purpose of providing an atmosphere that encourages both local and foreign investments. This paper seeks to examine the available legal regime in place with regards to the oil and gas free trade zone in Nigeria. It also seeks to give answers to the questions as to the efficiency and effectiveness of the regime, in light of the ever changing and developing free trade zone policies in the world-over. The paper finds that despite the innovative and laudable move by the Nigerian government in creating the first ever oil and gas free trade zone in the world, there is still the need for two vital tools: first, an effective and transparent legal and regulatory framework that will help codify the zone strategy and establish the rules of the game for all the stakeholders involved in the process, in order to address the often-difficult land issues, facilitate the provision of the required infrastructure, and ensure compliance with labour and environmental standards. Second, an established authority that would not exist in name only but have both the capacity and the resources to carry out its mandate