President Muhammadu Buhari has called on investors in the country to emulate the strategic nature of investments made by the African foremost business conglomerate such as the Dangote Group; the Lagos Deep Offshore Logistics base (LADOL), and General Electric (GE), among others, 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 recent sixth African Petroleum Congress and Exhibition (CAPE VI) held recently in Abuja by the African Petroleum Producers Association (APPA).
While lauded the efforts of the indigenous organization in building economic growth, the President who was represented at the event by Vice-President Yemi Osinbajo (SAN), identified some of the companies adding the most value to the Nigerian economy through their ingenious investment as Dangote Group, GE, LADOL Shipyard.
Buhari also identified with 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.
He noted, that African countries should develop ingenious ways of promoting value addition and investments through sustainable policies in local content, adding that a company such as 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; the ongoing mega projects like the General Electric service centre for manufacturing rotating equipment in Calabar as well as the Dangote Refinery in Lagos; and the Samsung FPSO integration yard in Lagos, are some of the most strategic investment to an emancipated African economy.
He stressed that the continent must recognise that the development of domestic refining capacity in the oil and gas sector would remain critical to sustainable economic growth.
“A common approach to local content will ensure that the whole of Africa benefits from economies of scale associated with our vast resources.”
Appraising the local content achievements of LADOL, the President urged other investors to emulate the LADOL example, saying African countries should develop ingenious ways of promoting value addition and investments through sustainable policies in local content.
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, 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.”
The Ladol industrial free zone in Lagos is a wholly indigenous, privately developed and hosting the largest shipyard in West Africa; the 650,000 barrels per day (bpd)
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