The Managing Director of Lagos Deep Offshore Logistics base, LADOL, Amy Jadesimi, has reeled out plans to attract $5billion investments into the country in the Lagos Free Trade Zone.
Jadesimi, who spoke on Thursday, March 18, in Abuja at the sixth African Petroleum Congress and Exhibition (CAPE VI) organised by the African Petroleum Producers Association (APPA), said, given the spate of growth at the zone, “the success of LADOL has attracted new investors to Nigeria who are partnering with credible Nigerian investors leading to the creation of dozens of similar facilities.”
In her paper, titled, “Driving Economic Growth through Local Private Sector Investments in Nigeria,” she said in 2010 alone, 130 oil rigs were towed from Wes Africa across the Indian Ocean to the Far East for repairs, adding, “with LADOL and similar facilities now on ground, more of such ventures would be done in Nigeria thereby saving the country avoidable capital flight.”
At the event, President Muhammadu Buhari identified the unique contribution of LADOL as one of the strategic investments in the country that currently drives the nation’s economy.
Represented by Vice President Yemi Osinbajo (SAN), the President identified LADOL, which has invested over $600million in private investment, as one of the companies that is currently adding the most value to the Nigerian economy through its ingenious investments.
The LADOL/SHI project referred to as Egina Floating Production Storage and Offloading (FPSO) platform and valued at $3.8billion is said to be first of its kind to be built in sub-Saharan Africa.
