Tax Ombud, OGFZA Collaborate to Deepen Investor Confidence, Attract FDI

The Office of the Tax Ombud and the Oil and Gas Free Zones Authority (OGFZA) in Nigeria are joining forces to enhance investor confidence and attract foreign direct investment (FDI). This collaboration is designed to improve Nigeria's tax-to-GDP ratio by effectively resolving tax and fee-related disputes within the country's oil and gas free zones.

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I am very much aware that OGFZA regulates and coordinates activities in the zones, grants permits and licences, administers incentives, and resolves disputes among stakeholders. The Office of the Tax Ombud complements these functions by providing an independent channel for reviewing and resolving complaints relating to taxes, levies, regulatory fees, customs duties and excise matters.

Dr. John Nwabueze, the Tax Ombud/Chief Executive, described the planned cooperation as a crucial step toward promoting fair, transparent, and predictable tax administration for investors in these zones. He noted that while OGFZA regulates activities, grants permits, and resolves disputes, his office offers an independent channel for reviewing and resolving complaints concerning taxes, levies, regulatory fees, and customs duties.

Nwabueze highlighted potential areas for collaboration, including taxpayer complaint resolution, clarification of tax incentives, review of systemic issues, and the promotion of transparency and accountability. These efforts are expected to encourage voluntary tax compliance and contribute to national development, aligning with President Bola Ahmed Tinubu's "Renewed Hope Agenda."

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These efforts, he said, would contribute to increased voluntary tax compliance and a higher tax-to-GDP ratio, which is critical to national development and consistent with the Renewed Hope Agenda of President Bola Ahmed Tinubu.

Usman Bamanga Jada, the Managing Director/CEO of OGFZA, welcomed the collaboration, stating that investors in the oil and gas free zones have already benefited from incentives and tax exemptions. He believes the partnership with the Tax Ombud will further bolster investor confidence and stimulate business activities within the special economic zones championed by OGFZA.

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Collaboration with the Office of the Tax Ombud to advance OGFZA’s mandate was timely, as it would help build investor confidence and promote business activities, particularly within the special economic zones that the Authority is championing across the country.