President Muhammadu Buhari has identified the unique contribution of the Lagos Deep Offshore Logistics base (LADOL) as one of the strategic investments in the country that currently drives the nation’s economy.
Buhari made the statement when he opened proceedings at the sixth African Petroleum Congress and Exhibition (CAPE VI) in Abuja organised by the African Petroleum Producers Association (APPA).
The President, who was represented at the event by Vice President Yemi Osinbajo (SAN), identified LADOL, which has invested over $600million in private investment, as one of the companies that currently adding the most value to the Nigerian economy through their ingenious investments.
This is coming as the Managing Director of LADOL, Dr. Amy Jadesimi, outlines plans to further attract $5billion investments into the country through the LADOL Industrial Free Zone located in Lagos within the next few years.
Dr. Jadesimi gave the indication, Thursday, while delivering a presentation at the event under the topic: Driving Economic Growth Through Local Private Sector Investments in Nigeria.
She noted that given the spate of growth at the zone, “the success of LADOL has attracted new investors to Nigeria who partner with credible Nigerian investors leading to the creation of dozens of similar facilities”.
She noted that in 2010 alone, 130 oil rigs were towed from West Africa past the tip of Africa across the Indian Ocean to the Far East for repair adding that “with LADOL and similar facilities now on ground, more of such ventures would be done in Nigeria.“
While lauding the efforts of the indigenous organization in building economic growth, the President similarly gave accolades to Samsung Heavy Industries (SHI), which is currently building one of the world’s largest oil platforms at the LADOL base in Tarkwa Bay, Lagos.
The LADOL/SHI project commonly referred to as Egina Floating Production Storage and Offloading (FPSO) platform valued at $3.8billion, is said to be first of its kind to be built in the sub-Saharan Africa.
According to the President who urged other investors to emulate the LADOL example, African countries should develop ingenious ways of promoting value addition and investments through sustainable policies in local content.
Reports indicates that through the LADOL/SHI FPSO project, the industry has been boosted with 5,000 direct jobs and 0ver 50,000 indirect employments by leveraging on the Local Content Act 2010.
Appraising the local content achievements of the organization, the President noted that, “A common approach to local content will ensure that the whole of Africa benefits from economies of scale associated with our vast resources.”
President Buhari noted further that ongoing mega projects like the LADOL/SHI Oil Platform; the General Electric service centre for manufacturing rotating equipment in Calabar; and the Dangote Refinery in Lagos are some of the most strategic investment to an emancipated African economy.
The President who described LADOL industrial free zone in Lagos – a wholly indigenous, privately developed and hosting the largest shipyard in West Africa allied with the Samsung FPSO integration yard at the base, said the joint venture will aid Nigeria’s quest for her pride of place as a leading world economy.
The President stressed that the continent must recognize that the development of domestic refining capacity in the oil and gas sector would remain critical to sustainable economic growth. He also noted that Nigeria, which recently announced a new timeline to end gas flaring at her oil fields, was on course to see this out.