By Victoria Ojeme

Ladol and Samsung has opened up opportunities for about $300 foreign direct investment into Nigeria after a long application of alternative dispute resolution between the duo.

The Managing Director, Nigeria Export Processing Zone Authority,( NEPZA), Prof. Adesoji Adesugba, Tuesday, disclosed this in Abuja during the signing of Memorandum of Understanding, (MOU) between LADOL and SAMSUNG after five years of confrontation and disagreement.

He stated that as a result of the success of the MOU several Korean companies are reported to be making plans to enter Nigerian market in several sectors.

It will be recalled that the dispute over Land Lease between the Lagos Deep Offshore Logistics (LADOL) Group, an indigenous firm, and Samsung Heavy Industries (SHI), a Korean firm, started in 2018 with the Nigeria Port Authority’s purported unilateral revocation of the Presidential 25-year lease approval granted to Ladol and replacing it with a Direct Lease in 2019.

According to the Managing Director, “I want to thank President Muhammadu Buhari for unlocking this investment in Nigeria. This dispute has been ongoing for over five years. The dispute has locked up the value of investment worth $7billion, with the signing of the MOU, over $7billion has been unlocked for the Nigerian economy and unlocking doors of employment for Nigerian youths.

“While the dispute was on over three thousand Nigerians lost their jobs. With the signing of the MOU, the government will not only employ three thousand but over ten thousand Nigerians directly. NEPZA is privilege to have actualized President Muhammadu Buhari’s directive by ensuring that this dispute is arrested. The organization hopes to monitor all involve by ensuring they live up to the MOU signed today”.

Speaking, the Acting Managing Director, Nigerian Ports Authority (NPA) Mohommed Bello Koko the signing of MOU is implementing the directive from President Muhammadu Buhari on ensuring both parties resolve their problems and full activities return back to the organizations involve. The conflict has led to loss of jobs and revenues to the government.