LADOL triggers new economy in Nigeria’s oil sector

by Trust Matsilele 0

Lagos Deep Offshore Logistics (LADOL) says Nigeria is poised for the creation of a whole new economy after building the first fabrication and integration yard in Africa.

Amy Jadesimi, Managing Director at LADOL told CNBC Africa, that the company’s vassal integration and fabrication facility was the only one of its kind in West Africa.

“By enabling big vassals you are doing two things; changing perceptions and enabling high value projects to be conducted here as there is a high threshold. Projects worth billions of US dollars can now be done hear which will trigger the creation of a whole new industry because other people in related fields will look into investing in Nigeria,” says Jadesimi.

LADOL, a multimillion dollar project that provides logistical, engineering and other support services for deep water offshore oil and gas exploration, said the initiative would see change in economic engagement between Africa and the developed world.

“For the past 50 years doing business meant trade which saw multinationals selling us their goods and taking our resources.” 

Jadesimi added that her company had invested over 100 million US dollars before the group had any clients.

“We have the deepest and heaviest key in the Lagos harbour which enables us to carry out projects that have not been done in Nigeria before.”

“The facility is the first of its kind in Africa with some of the unique features in the whole of Africa. To date we have invested about 450 million US dollars, we will be spending an additional 100 million dollars by next year this time reaching 650 million US dollars in 2017.”

She said there were challenges to do with funding in the region calling for improved investment from within the region.

“The money has initially come from equity which is a challenge. The changes that have taken place in the banking sector have made it difficult to get long-term financing for projects like we are working on.”