By Eromosele Abiodun
Chairman of the Lagos Deep Offshore Logistics (LADOL), Ladi Jadesimi has stated that the massive investment and infrastructure put in place in the free trade zone will make Nigeria the hub for FPSO integration in the near future.
He stated this when the Deputy Comptroller General of the Nigerian Customs Service (NCS), Exports and Free Zones, Grace Adeyemo visited the zone on a facility tour of free trade zones in Zone A.
He called on government agencies to support the effort by LADOL to make Nigeria the hub of FPSO integration in West Africa adding that doing so will ensure increased revenue for the federal government.
According to him, “You should keep on supporting us because this kind of investment in fabrication yard and the jetty alone, which we have finished, has cost us $300 million. That is why I am saying there may be nowhere else in West Africa where such huge investment can be done; there is no where they can muster such resource. That is why I am saying that in the foreseeable future Nigeria or LADOL will be the only location where you can do FPSO integration. I just came from Ghana last week to have a meeting with the Ghanaian government who invited us to help them develop their local content. The advantage for Nigeria in this regard cannot be over exaggerated. “
He added: “We knew this from the unset; we knew that only an indigenous investors can muster such a huge investment as this. But the market is here now, so we need the Customs, Emigration and other government agencies to keep assisting us. Your assistant is not in vain because when the FPSO gets here customs duty will go up, it will be in billions of naira. This would not have happened if the FPSO was solely done in Korea and dragged here. So in terms of revenue for Nigeria, revenue for customs, income to employees and training for Nigerians you cannot really quantify.
“I want to also let you know that all the people trained here will be internationally certified, so they can work anywhere in the world. As far back as 10myears ago we already had the facility to go into logistics business but until very recently no indigenous company was able to access the market. Before now oil production cost extra $5 for every barrel produced. Right from day one we set out as a competition not against local companies but others across West Africa.”
In her response, Adeyemo commended the LADOL chairman for his foresight and the tenacity to ensure that his vision becomes a reality.
Specifically, she said, “I am here on a facility tour of all free trade zones across this region, we have been to other free trade zones and we are here now. It is a visit that is supposed to be done yearly. When we came last year, a lot of things were in place now I can see that much more has been put in place and others are springing up. Just like you have said, this is an indigenous investment put up by you. For any Nigerian to seat and dream about this and bring it to reality, I think you deserve much applaud.
She added: “By this investment scheme on the ground, Nigeria is now a place to be recon with on the world map when it comes to certain technicalities that you have mentioned. It is an uncommon insight and you have put it on the ground. We are proud of you and we are proud that you are a Nigerian. Other free trade zones have equity participation by other nationals. LADOL is the only free trade zone that we have visited that has such huge expertise and is owned by a Nigerian. The Nigeria Customs Service will implement the fiscal policies put in place by the ministry of finance. We will collaborate with you and not sink this ship but make sure it remain afloat and go to other shores.”
