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Lagos deep off-shore can generate N1.5bn annually —NEPZA

By Godfrey Bivbere
Optimum ultilisation of Lagos Deep Off-Shore Logistics (LADOL) will save the   economy about N1.5 billion ($10 million) annually and create thousand of jobs , said

President Yar Adua
President Yar Adua

Managing Director of the Nigerian Exports Processing Zones Authority (NEPZA), Mr. Sina Agboluaje.
Agboluaje who disclosed this while leading members of the Inter-ministerial Committee on Free-Zones, round the facility said that the indigenous companies that would benefit from participating in the area of operation would engage more Nigerians as the operations increase.

The five-man committee comprises of Agboluaje who is the representative of the Federal Ministry of Trade and Commerce; the Director, Fiscal Policy/Budget Monitoring of the Finance ministry, Chief Owoade Omoni; and representatives of the Customs and Immigration Services, and the Nigerian Ports Authority (NPA).

Giving an insight into the scope of the committee, Agboluaje said it was essentially set up by government to affirm the status earlier given to LADOL as a free zone as well as to physically verify what the organisation was doing to justify its approval.

According to him, the whole exercise was in pursuant to the ideals of the fiscal policy of the Finance Ministry in ensuring that whatever approvals given by the ministry are in order and still valid for the purposes for which they were given.

He pointed out that having gone round the facility, members of the committee would now meet to articulate their views and make its reports to the appropriate authority.

The LADOL boss however noted that from his personal view as NEPZA boss, the authority was convinced that the objectives behind the setting up of LADOL was being realised in terms of local content, jobs creation and above all, the preservation of foreign exchange for government.

“It is evident to say that from the beginning, the facilities here were set up with a view to enhancing the participation of Nigerians in the  oil and gas industry. Don’t forget that the industry is a major source of income to the Federal Government, and you know that beyond the lifting of the crude oil, there are other activities that support this venture, like servicing the oil rigs, developing the rigs, maintenance and building of buoys, and several others”, he stated.

“All these are cost-related expenditure within the oil business, and most times all people get to know about is the cost government insures in the process of crude oil explorations. These costs are real and most often paid out to foreign companies, but with increased local content, such payments now circulate within the country”, he explained.

The NEPZA boss further noted that within a short time of its inception, LADOL had participated in major NNPC projects such as Moisimi and Agbami deep off-shore facilities adding that “this is a way of taking our local share in the business. The more of such facilities like LADOL are developed, the more we can enhance our local shares in the industry”


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