- LADOL Invests Over $500m, Says ED
Lagos Deep Offshore Logistics Base (LADOL), an industrial free zone and logistics base, located in Lagos, has spent over $500million on facility development in the free zone, including a fabrication yard, its Executive Director and Head of Business Development, Jide Jadesimi, has said.
The company said it is building over 10,000 square metres new workshops, ware houses, lay down area and other special requirements for its clients. Jadesimi said the model would provide the platform other Nigerian companies could plug into.
This, he said, would save the companies the capital expenditure of setting up workshops and facilities for themselves and deliver cost-saving services to clients. He described it a win-win situation, adding that the company was established to enhance local content capability for itself and other companies.
Jadesimi said this would allow the company to service its clients and boost the Federal Government’s ease of doing business as well as attract foreign direct investment into the economy.
Speaking on the theme: “The role of Nigeria’s local content policy and its impact on sustainable economic value creation”, at a breakfast meeting, organised by the Nigerian-American Chamber of Commerce (NACC) in Lagos, Jadesimi said LADOL had been greatly supported and enhanced by the establishment of the Local Content Act.
He admitted that the Act had enabled the company to develop a facility that could support the Nigerian logistics market as well as the West African sub-region. It is actually to promote the development of more fabrication yards where world class vessels can be done, for instance, the Egina project.
The company, Jadesimi said, is currently in talks with some neighbouring African countries on the execution of upcoming floating production, storage and offloading vessels (FPSOs) and other massive industrial projects.
According to him, the fabrication yard is a multi-sector one and not only for oil and gas projects. We also fabricate railway tracks, we can fabricate car parts and do work on bridges. It is about maximising the potential and making sure that this yard is a Nigerian asset and critical such that it is beyond Egina.