THE World Bank has advocated a single authority for the regulation of operations of free zones in Nigeria. Mr. Craig Raymond Giesze, Senior Operations Officer, Trade & Competitiveness, Global Practice, World Bank Group, made the case at the public hearing organised by the House of Representatives Committee on Commerce. The public hearing was aimed at taking input from stakeholders for the purpose of amending the nation’s Oil and Gas Export Free Zone Authority, OGEFZA, Act.
He stated: “Beyond the fact that a single regulatory authority is global best practice, the benefits include the fact it reduces administrative costs; the approach creates investor confidence in an economy; investors abhor a confusing regulatory environment and considers such environment as too risky but prefer consistency in regulation because a single regulatory authority offers long term stability that guarantees safety of investments. In that regard, the World Bank perspective would be that Nigeria should seriously consider the adoption of a single regulatory authority regime for its free zones”.
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