MD LADOL, Dr. Amy Jadesimi, speaks on High-Level Roundtable on Integrated Reporting Transparency as a Catalyst for Efficient Resource Allocation and Sustainable Development, hosted by Mr. Joaquim Levy Managing Director and Chief Financial Officer, World Bank
The panel discussion at this event was very lively, informative and frank. Dr. Jadesimi was joined on the panel by, Mr. Tim Mohin – Chief Executive, Global Reporting Initiative and Mr. David Young – Senior Partner and Managing Director (Social Impact), Boston Consulting Group. The panel was chaired by Sallie Pilot, Director, Black Sun Plc.
Dr. Jadesimi commented “In 2017 the report ‘Better Business, Better World’ published by the Business and Sustainable Development Commission showed how the global economy could be increased by USD 12 trillion, by 2030 if the private sector pursued sustainable business models in just four verticals (healthcare, cities, energy and agriculture). Companies like LADOL are grabbing this opportunity, by making long term investments building sustainable infrastructure, facilities and operations – creating jobs and prosperity in the highest growth markets of the world. Transparency in reporting will highlight the high returns investors get from sustainable companies and the comparatively poor performance and prospects of old economy companies with low ESG. Integrated reporting is one of the most important and yet underutilized tools that analysts and investors should be using to make their decisions. Given how crucial it is to shift investment into sustainable local companies, in high growth low income markets, I hope that the World Bank will be bold and aggressive and publish criteria by which we can measure company’s sustainability, in partnership with International Integrated Reporting Council (IIRC) in 2018.”
The Global Maritime Forum – an international not-for-profit foundation committed to shaping the future of global seaborne trade – is represented at the CPLC Third High-Level Assembly 2018 in Washington, DC today. The High-Level Assembly takes place as part of the World Bank Group/International Monetary Fund Spring Meetings, and focuses on the opportunities, benefits, and concerns related to carbon pricing.
Prior to the meeting the Global Maritime Forum’s Vice Chairman and Managing Director of LADOL, Dr. Amy Jadesimi, commented: “Last week, member states of the United Nations International Maritime Organization adopted an initial strategy to reduce the total annual GHG emissions from international shipping by at least 50% by 2050. This target could energize the private investors and operators in the maritime sector to immediately begin investing in new sustainable business models, assets (from ship yards and ships to ports) and financial solutions including carbon pricing. I therefore urge policy makers to continue setting bold targets and laying out a clear path to zero emissions.”
From a worker’s morning commute to a child’s school day, citizens across Africa utilize and rely on public works and services every day. The quality of these services are critical for a thriving continent: well-maintained roads keep communities connected and well-resourced hospitals and schools save and transform lives. These every day services directly impact the quality of life of citizens and the ability for a community to succeed economically.
The importance of the individuals and institutions that enable these services cannot be forgotten. A robust dialogue between citizens and local, national and regional civil servants is key to maintaining and delivering high-quality infrastructure. But they’re not alone in cultivating and advocating for these services. A strong future for Africa needs strong public service: one that business helps to build.
The private sector cannot ignore its place as a leader in building African infrastructure. Business action to deliver public services is necessary to bring the just future that the Sustainable Development Goals envision to life. An estimated annual USD $130-170 billion will need to be invested in African infrastructure to deliver a sustainable, equitable future across the continent.
From a private sector perspective this is not a challenge to be met, it is a business opportunity that will yield high returns for investors and local stakeholders. To help businesses access these opportunities, I’ve joined other African leaders to form The B Team Africa. This group of dynamic leaders is accelerating a new way of doing business, one which will be profitable and equitable, driving the creation of a prosperous Africa and world.
Many of us are attending the upcoming Ibrahim Governance Weekend in Kigali. Along with other global and regional leaders, we’ll be discussing public service in Africa, its relation to good governance, its challenges and ways to strengthen it. It’s a conversation and a movement that needs business-driven solutions.
Some private sector companies have realized this, most have not. We need to help companies that are already focused on this new economy to access and invest in these markets. Simultaneously we need to highlight the data and success stories that will show a wider group of investors and operators why these opportunities should not be missed.
Across Africa, and the world, more and more companies are recognising the importance of taking action on tax for a sustainable future. The UN estimates that Africa loses more than USD $50 billion through illicit financial outflows per year, primarily linked to tax avoidance and evasion. Business is increasingly stepping up to help combat these losses and corrupt practices.
In February nine leading multinationals, including Safaricom, endorsed The B Team’s Responsible Tax Principles. This signaled their commitment to responsibly managing tax policy to provide healthy, robust and adaptive resources for citizens. Corporates are recognising that the shift toward a sustainable and prosperous future can’t happen without a shift in their approach to tax.
In Africa, the dialogue on responsible tax is gaining necessary momentum with dialogue and partnerships between companies, civil society organisations and governments forming. Businesses are working closely with these actors to collaborate not only on tax, but also on responsible and transparent public procurement.
On average, across the continent, half of government spending goes toward public contracts. But often, governments don’t know who they’re buying from or if they’re getting a fair price. Many times, vendors don’t even complete the work they’ve been contracted to do. This leaves communities debilitated with failing infrastructure and inadequate public services.
There is, however, a solution: open contracting. By making contracts open, data on the entire procurement process, from planning to tendering to performance and contract closure is made available to the public. It holds governments accountable and opens market opportunities for business.
In Africa, open contracting is growing. Uganda has implemented a strong open contracting system and other African countries are following suit. The African Partner Pool has also opened up opportunities for African small-to-medium enterprises (SMEs). Since its launch last year, this platform has provided USD $15 million worth of tenders for more than 800 SMEs. Through transparent and fair bidding, open contracting systems build and provide strong public services while providing market access for often overlooked businesses.
Beyond funding and constructing, the private sector must also champion the mechanisms and policies that allow for a healthy dialogue between citizens and public servants. Across Africa, civil society participation and civic space are deteriorating. Business has a role to play to ensure citizens can voice concerns around public services, hold officials accountable and access information. And while many companies are realising this, more need to join them to ensure an enabling environment for strong public service in Africa.
From changing operational practices to advocating for key policies, it’s time for African business to focus on strengthening the continent’s public service. This is not just the work of governments or civil society. A strong, thriving and just future for Africa is on the line. And it’s up to all of us – Âbusiness, governments and civil society – Âto deliver.
Dr. Amy Jadesimi
Managing Director, LADOL
The MD of LADOL, Dr Amy Jadesimi, chaired a presidential panel in the Great Hall at the Commonwealth Business Summit.
The session was focused on a subject the MD is extremely passionate about; delivering Sustainable Development Goals by aligning Business Society and Governments. How do we move from billions to trillions to help fund these SDGs and mainstreaming SDGs into business delivery?
The Presidential panel consisted of:
- Chair: Dr Amy Jadesimi, MD LADOL
- HE Nana Akufo-Addo, President of the Republic of Ghana (represented by Dr. Eugene Owusu, Special Advisor to the President on SDGs
- HE Maithripala Sirisena, President of the Democratic Socialist Republic of Sri Lanka
- Andrew Forrest, Founder and Chairman, Fortescue Metals Group and Minderoo Foundation, Australia
- Graham Wrigley, Chairman, CDC Group
As summarised by Dr. Jadesimi – “this panel shows that the Commonwealth is united in its focus on achieving the SDGs by creating enabling environments, moving capital to high growth markets and yielding higher returns from the private sector through a focus on sustainable business models. This is a winning strategy”.
A unified approach is the only way to achieve sustainable development across the world and unlock significant global economic value.
The Managing Director of LADOL, Dr. Amy Jadesimi, recently spoke on the In the Balance BBC Radio program alongside the Maltese Minster for the Economy, Investment and Small Businesses (Christian Cardinals), the Chairman of Interswitch Nigeria (Sir Kenneth Olisa OBE), Chairman and Managing Director of Aries Agro Limited, a leading Indian agri-business (Dr. Rahul Mirchandani).
Dr. Amy spoke on the importance of “Equitable trade agreements and associations leading to mutual prosperity.” As she stated “this is necessary to stimulate the quantum leap in economic growth Commonwealth countries need, by creating thriving prosperous economies throughout the Commonwealth we will drive global growth”. Dr. Amy also stressed the importance of “Local private sector in NIGERIA developing infrastructure, facilities and people – in short we need more locations like LADOL to attract investment, support local engineering and manufacturing and therefore enable equitable local supply of Made in NIGERIA goods and trading of finished goods across the Commonwealth.” In her closing remarks the Dr. expressed a wish that “by the next Commonwealth Forum in two years we will have agreed standards for business practices, quality of products and partnerships that are aligned with the SDGs, within the Commonwealth. So that countries and companies that adhere to these standards receive more assistance and support.”
Listen to the full BBC radio podcast below.
Dr. Amy Jadesimi, MD of LADOL, has attended the Commonwealth Business Forum in London, UK along with other Nigerian and Commonwealth business leaders and industry experts. Dr. Amy chaired the session on How do we move from billions to trillions to help fund the SDGs?
Speaking at the Blue Economy and Maritime Industry panel of experts Dr. Amy commented, “we all agree that we need to move towards a more sustainable world but low growth, high income countries expect incremental change, high growth low income countries such as Nigeria – are making radical changes. Only radical changes in development and business will create a sustainable world, which is why countries like Nigeria will take a lead in creating a sustainable global maritime economy.”
“The development of LADOL is an example of how high growth low income countries can excel by focusing on sustainability as a business opportunity – LADOL built a Port Facility and Industrial Free Zone out of disused land in Apapa Port – we have now created the largest shipyard in West Africa and the only fully integrated logistics base. Private sector in Nigeria should seize the opportunity to sustainably build infrastructure, facilities and industries because that will yield the highest return to their investors, to the local society and the global economy.”
Dr. Amy Jadesimi also spoke at an invite only, closed meeting of Commonwealth CEOs as part of the ongoing Commonwealth Business Forum.
During her remarks the MD emphasised the need for a Commonwealth Business Forum to enable Commonwealth private sector companies, small and large, to pursue lucrative sustainable business models. In addition, the MD emphasised the need for a shift in financing towards local companies in high growth countries, where investors will find the highest returns. Such a shift will require a re-framing of bankability to recognise that sustainable local and international companies are the safest, highest yielding investment opportunities.
The MD joined others in calling for better enforcement of anti-corruption legislation in wealthier countries.
We are delighted to announce that our MD, DR Amy Jadesimi has been named Young CEO of the Year at the recent Africa CEO forum.
On receiving the award Dr Amy said in her acceptance speech “Thank you for this great honour. As some of you may know, LADOL is an industrial Free Zone in Lagos, Nigeria. We are best know for our logistics base and shipyard, which is the largest in West Africa. LADOL is currently transforming into a Sustainable Special Economic Zone, so that we can help drive the creation of and benefit from the USD12 trillion increase in global GDP that will come from private sector pursuing SDG business opportunities, thank you.”
View the news of Amy’s achievement on France 24’s Eye on Africa report below.
MD LADOL, Dr. Amy Jadesimi was selected to join the newly formed B Team Africa in January this year. The LADOL MD joined the CEO of Unilever Mr. Paul Polman at a press conference to announce the B Team Africa’s Agenda held at the Africa CEO Forum in Abidjan, Ivory Coast on 26th March 2018.
Speaking at the press conference, after Mr. Polman, Dr. Jadesimi discussed her vision for sustainable infrastructure development in West Africa and her goals in working alongside The B Team Africa leadership members (Bob Collymore, CEO of Safaricom, Dr. Ngozi Okonjo Iweala, Chair of GAVI, Dr. Mo Ibrahim, Founder and Chair of the Mo Ibrahim Foundation, Jochen Zeitz, Co-Founder & Executive Chair of The B Team and Former CEO of PUMA, Jesse Moore, CEO and Co-Founder of M-KOPA Solar, Rita Kavashe, Managing Director of Isuzu East Africa and Joshua Oigara, Group CEO & Managing Director of KCB Group) and the B Team Global Leaders to drive positive change in Nigeria and the continent.
As Dr. Jadesimi said, “I’m honoured and excited to the part of the B Team Africa, working alongside a team of passionate business leaders to support and drive sustainable business models and new opportunities for job creation and investment in Africa. For the world to achieve the 17 Sustainable Development Goals, Africa will have to become an engine of growth and prosperity. Fortunately, as Africans we have the human capital and resources to do this ourselves and working with Jesse, Rita and Joshua on the B Team we can actively help create an environment where real private sector companies, large and small can build new economy businesses generating millions of jobs across the Continent”.
The B Team Africa is a Pan-African platform to enable committed business and civil society leaders to work collectively in driving progress and addressing critical issues across the continent. The B Team Africa leaders are united in influencing and convening the private and public sector to drive long-term, inclusive, sustainable economic growth and social development for a prosperous Africa.
To achieve these goals, leaders are committed to work together and through current B Team initiatives. The B Team Africa’s ambitious work agenda includes, but is not limited to, open contracting, supply chain transparency, responsible tax practice, renewable and clean energy, environmental preservation, unlocking capital for value-add, green businesses and social enterprises, job creation, civic rights, gender equality, diversity and inclusion in the workplace.
International non-profit organisation The B Team, co-founded by Richard Branson and Jochen Zeitz in 2012, established The B Team Africa in 2017 and continues to recruit Africa-based leaders to accelerate the shift toward a just and sustainable future for the continent and the world. The B Team’s mission and impact to date reflect the tremendous power of the private sector to catalyse new business opportunities and solutions to diverse global challenges.
The B Team Africa is one of a growing number of regional B Teams established to galvanize regional based leaders to harness business-driven solutions and create collective impact. In this spirit, The B Team Africa calls upon other leaders in Africa and partners to join them to:
- Use their collective voice and influence to amplify key issues and drive progress on timely, critical issues
- Lead by example in their own companies, and engage in B Team initiatives in Africa
- Collaborate with others to develop and scale systemic solutions that benefit current and future generations
The B Team is a not-for-profit initiative formed by a global group of business leaders to catalyse a better way of doing business for the wellbeing of people and the planet.
Founded in the belief that the private sector can, and must, redefine both its responsibilities and its own terms of success, The B Team is developing a new, sustainable model for business centered on concerted, positive action that will ensure business becomes a driving force for social, environmental and economic benefit.
The B Team was co-founded by Sir Richard Branson and Jochen Zeitz, and includes Leaders Oliver Bate, Marc Benioff, Sharan Burrow, Kathy Calvin, Bob Collymore, David Crane, Christiana Figueres, Mats Granryd, Arianna Huffington, Dr. Gro Harlem Brundtland, Dr. Mo Ibrahim, Yolanda Kakabadse, Guilherme Leal, Andrew Liveris, Arif Naqvi, Dr. Ngozi Okonjo-Iweala, Francois-Henri Pinault, Paul Polman, Mary Robinson, Ratan Tata, Zhang Yue and Professor Muhammad Yunus
The B Team Africa includes
- Bob Collymore, The B Team Leader; CEO, Safaricom
- Dr. Mo Ibrahim, The B Team Leader; Founder and Chair, Mo Ibrahim Foundation
- Dr. Ngozi Okonjo-Iweala, The B Team Leader; Chair, GAVI; Senior Advisor, Lazard
- Jochen Zeitz, The B Team Co-Founder and Executive Chair; Founder, The Zeitz Foundation for Intercultural Ecosphere Safety
- Dr. Amy Jadesimi, The B Team Africa Member; CEO of Lagos Deep Offshore Logistics Base (LADOL)
- Rita Kavashe, The B Team Africa Member; Managing Director, Isuzu East Africa
- Jesse Moore, The B Team Africa Member; CEO and Co-Founder, M-KOPA
- Joshua Oigara, The B Team Africa Member; Group CEO and Managing Director, KCB Group
Amy Jadesimi, managing director of Lagos Deep Offshore Logistic Base (LADOL) explains to TheCable why Nigeria is fast becoming the fabrication hub in Africa, why Nigeria is now more than ever an attractive investment destination, women’s role in leadership and the impact of increased local content to the Nigeria economy.
TheCable: What is the economic impact of the successful arrival of Egina FPSO in Nigeria?
Amy Jadesimi: The arrival of the Egina FPSO (floating production storage and offloading unit) is a sea change – no pun intended – because it shows that we can now carry out the most challenging industrial project in the world, in Nigeria. This is not just about the arrival of the vessel, it is about the building of the yard and the operation of the yard. The Nigerians who worked in the yard operated above the average global standard and the results speak for themselves.
The fact that the FPSO was sent here was primarily because we achieved everything that we needed to achieve in the yard. The six modules were built, we were ready to receive the vessel ahead of time. And in every way the arrival of the vessel and the way the project has been conducted in Nigeria exceeded expectations. The collaboration and the proof that ease of doing business is working, is also an important mile stone. We couldn’t have achieved this without the support of the Nigeria Port Authority (NPA). The NPA went the extra mile – they set up a committee, they coordinated all the stakeholders (both private and public sector) they made sure that the shipping channel was upgraded, brought in extra equipment, and brought in extra tugs.
At the same time, the Nigeria Export Processing Zone Authority (NEPZA) worked literally 24/7 coordinating government agencies in the zone. So, it really took a village to make this happen and the success is a mile stone that shows that more and more projects like this can be done not just in Lagos but across the country.
We were very pleased to welcome Mr Jeff Ewing (MD Chevron Nigeria), Mr Ahmadu Kida Musa (Deputy MD Total E&P Nigeria Ltd), Mr Emmanuel Ibe Kachikwu (Minister of State for Petroleum) and Mr Nicolas Terraz (Managing Director/Chief Executive of Total E&P Nigeria Ltd) to the Free Zone to mark the arrival of the EGINA FPSO.
Picture from Left to Right
1. Mr Jeff Ewing – MD Chevron Nigeria
2. Dr Amy Jadesimi – MD LADOL
3. Mr Ahmadu Kida Musa – Deputy MD Total E&P Nigeria Ltd
4. Mr Emmanuel Ibe Kachikwu – Minister of State for Petroleum
5. Mr Nicolas Terraz – Managing Director/Chief Executive of Total E&P Nigeria Ltd
LADOL Managing Director Dr Amy Jadesimi on was recently interviewed on the Business Morning program of Channels TV to discussing local content and funding of the EGINA FPSO project.
Watch the full video below.
Dr. Amy Jadesimi, MD LADOL, was recently a guest speaker at GTR Africa: West Africa Trade & Export Finance Conference 2018. (February 1 and 2 2018 Eko Hotel, Lagos)
She spoke on the Topic: Expanding Operations in a Challenging Market Environment.
Dr. Amy provided an update on the progress made in expanding LADOL, an in-depth review on the challenges faced in recent years in area such as oil price stagnation, financing physical infrastructure investments, transparency issues, and oil market liberalization. She provided insight on future financing plans, and prospects for private investment growth in the Nigerian economy.
We were very pleased to welcome Ahmadu Kida-Musa, Jean-Michel Guy and Nicolas Terraz from TOTAL Nigeria as well as Consul General Laurent Polonceaux and Ambassadeur Denys Gauer to the Free Zone to mark the EGINA’s arrival
Picture from Left to Right
1. Mr Ahmadu-Kida MUSA (Deputy Managing Director Deep Water District – TOTAL E & P Nigeria)
2. Consul General Mr Laurent Polonceaux (French Consul General)
3. Mr Jean-Michel GUY (EGINA Project Director – Total E&P Nigeria)
4. Ambassadeur Mr Denys Gauer (French Ambassador in Nigeria)
5. Mr Nicolas Terraz (Managing Director/Chief Executive of Total E&P Nigeria)
Total’s massive Egina FPSO vessel arrived at LADOL yesterday. The biggest ship in West Africa, and one of the world’s biggest, it’s 330m long and 34m high. Designed to hold 2.3m barrels of oil. It’ll be moved to an ultra-deep field about 130km off the coast at some stage.
The arrival of the TOTAL Nigeria Egina FPSO to LADOL Free Zone is an historic milestone for industrialisation in Nigeria. Nigerian Ports Authority Managing Director Hadiza Bala Usman was among those that joined LADOL MD Dr. Amy Jadesimi onsite to celebrate.
The Chairman of LADOL, Mr Oladipo (Ladi) Jadesimi, gave a speech to all distinguished guests to welcome the Egina.
NEXIM Bank Chief Executive Abba A. Bello and Executive Chairman Bala M. Bello with LADOL MD Amy Jadesimi admiring Egina from close up.
LADOL MD, Dr. Amy Jadesimi, today attended the launch of the Business & Sustainable Development Commission (BSDC) report “Better Business Better World – Sustainable Business Opportunities in the Middle East and North Africa”; Dr Amy is a founding member of the Commission.
“Sustainable Businesses are the single most lucrative opportunities for private sector – generating $637 billion and creating 12.4 million jobs in MENA & $12 trillion for the world by 2030”, commented Dr. Amy at the launch event. “Sustainable businesses correct market failures creating exponential GDP growth, high profits and driving positive social changes, prosperity and stability”.
“As countries in the Middle East and North Africa rise up to open new opportunities for women, welcome refugees and diversify their economies, there remains a long road for the region as a whole to become inclusive and sustainable,” chairman of the BSDC Mark Malloch-Brown said. “Better Business, Better World MENA shows there is a compelling economic incentive for business and government to accelerate, embracing sustainable solutions and rolling out innovative strategies to ensure that the region exploits fully its potential,” he added.
Statistics don’t put food on the table. The World Bank named Nigeria as one of the world’s fastest-growing economies, but here’s how it can grow faster.
This month the World Bank announced that Nigeria was among the fastest-improving countries to undertake business globally. After years in the economic wilderness, negotiating an unpredictable oil price and weathering political upheaval, Nigeria seems finally to have attained recognition for the resilience of its economy.
LADOL recently took part in the Seatrade Maritime Awards 2017 and was the winner of the Africa Infrastructure Award. These are the awards that everyone in the region wants to win and this was an extremely competitive category.
Collected on behalf of Lagos Deep offshore Logistics Base (LADOL) by Mrs Vanessa Stephens, Global Events Director and Managing Director Middle East and Indian Sub-Continent, Seatrade.
Presented by Mr Andrew Williams, Aviation and Seatrade Group Director, Seatrade and Mrs Emma Howell, Group Marketing Manager, Seatrade.
LADOL was a primary sponsor of the recent FT Africa Summit 2017 – what makes Africa work.
Too often we focus on Africa’s problems, whether of governance, commodity dependency, poor infrastructure or entrenched poverty. Without taking a rose-tinted view, this year’s FT Africa Summit aimed to shift the focus to what is working in Africa in the hope of drawing broader lessons that could benefit the continent as a whole. In that spirit, the agenda turned the spotlight on what is going right – without, of course, losing sight of what is going wrong or what could be done better. The most pressing questions were asked of a range of business people, policymakers, investors, practitioners and innovators including LADOL MD Dr. Amy Jadesimi. The summit focussed on Africa telling its own stories and learning from its own complex and diverse experience.
LADOL MD, Dr Amy Jadesimi, has recently attended the Sustainable Development Impact Summit at the World Economic Forum in New York.
The World Economic Forum (WEF) recognizes that delivering on the ambitions of the 2030 Agenda for Sustainable Development and the Paris climate agreement will require accelerating public-private cooperation and deploying new technological solutions. So the WEF Sustainable Development Impact Summit covers a wide range of topics from gender parity to circular economy and technology. The Summit aims to bring together leaders from government, business, academia and civil society who will be present in New York during the United Nations General Assembly:
– Increase the impact of existing multi-stakeholder initiatives
– Catalyse new partnerships and alliances
– Explore how the advanced technologies of the Fourth Industrial Revolution could be better leveraged for sustainable development.
LADOL CEO, Amy Jadesimi has written an article for Forbes magazine entitled “Nigeria — Separating Fact From Fiction To Restore A Nation’s Tarnished Image” to try and dispel the inaccurate image of Nigeria portrayed in the world’s media. The Full text of the article can be read below.
Running a legitimate private sector company in Nigeria is fraught with challenges. Of those challenges, the negative perceptions of Nigeria’s business environment from both local and international sceptics is one of the most difficult to overcome. In the worst cases, one is assailed with questions and concerns more appropriately addressed to someone running a company in non-specific barren war-torn country run by pirates. In reality, Nigeria is a largely peaceful, democratic country where the rapidly growing legitimate private sector is creating a level of growth and profitability that will soon rival Brazil.
However, that’s not to say there aren’t challenges. The World Bank’s Ease of Doing Business index ranked Nigeria 169th out of 190 countries in 2016 and the country’s worst recession in 25 years is keeping investor expectations low. Until recently, Nigeria had a heavy handed government famous for colluding with multinational companies and foreign governments, enriching a select few and keeping the economy from generating any sustainable momentum. Unfortunately, this chequered past means that Nigeria is still considered a market only suitable for high-risk investors and oil companies.
Unfortunately this misperception overlooks the resilience and year on year growth of Nigeria’s legitimate private sector and the new generation of Nigerian leaders that are changing the status quo. President Buhari’s implementation of business focused Executive Orders show that this government is committed to reversing the damage done to the economy by previous administrations which smothered the legitimate private sector.
In April 2017, President Buhari issued a directive putting an end to a long-standing corrosive monopoly in the maritime and oil and gas logistics sectors. This directive was noted for its solid legal basis, going so far as to rule out the return of such monopolies acknowledging the huge economic damage they inflict. Then, in May 2017, Executive Orders were put in place to ensure the government stays out of the way of real businesses and eliminates the temptation for government officials to extort the companies seeking to ply their trade legally. Such strong legal positions have reassured local business owners that this government supports transparent, value adding companies and is willing to uproot long-standing quasi-private enterprises that have benefited from cronyism for years.
Huge strides have also been made in the maritime sector. Being Africa’s largest and most populous country and home to West Africa’s longest coastline, Nigeria is a natural hub for the continent. But for decades it has failed to live up to this potential. Now under the leadership of Hadiza Bala Usman, one of Nigeria’s newest and youngest leaders, the Nigerian Ports Authority (NPA) has been transformed into an organisation that actively promotes competition and investment. The NPA has rapidly embraced Buhari’s directives and is leveraging them to create an efficient, technology driven parastatal which is discussing multi-billion-dollar investment opportunities on the world stage.
Certainly, the Nigerian government has a long way to go, but in a world where many governments seem to be openly and increasingly acting against the interests of their voters, Nigeria’s leadership is taking drastic steps to break with its past and move in the right direction.Real private sector leaders, those that have been investing and struggling for decades against the odds, are increasingly optimistic. The challenges they face today, from financing to manpower, pale in comparison to the almost insurmountable hurdles that they confronted from their own government and the multinationals that colluded with and instigated rent seeking in the past. Now that the playing field is being levelled, they are rapidly gaining traction.
The UN forecasts that by 2050 Nigeria and greater sub-Saharan Africa will make up 22% of the world’s population. This impressive population growth not only alludes to the immense human capital resources at sub-Saharan Africa’s fingertips, but also how critical this region is to global growth and stability. Even as the growth in established Western countries continues its complex decline the negative perceptions held about Nigeria prevent people from seriously looking at its opportunities.
Given the importance of this region now and going forward, it is imperative that Nigeria’s leadership does not give up on the struggle against corruption and negative perceptions. The good news is that the reality is already much better than the perception and continues to improve every day.
The United State Trade and Development Agency (USTDA) has commended the Lagos Deep Offshore Logistics Base (LADOL) as a safe haven for investment and having great capacity for job creation in the African sub-region.
This is coming just as the Federal government as well as Lagos and Oyo states governments have indicated interests in collaborating with the private oil and gas services yard in undertaking trainings and skills development for the youths.
Acting Director of USTDA, Mr. Thom Hardy, who expressed delight at the massive private investment when he led a five-man delegation to the LADOL Free Trade Zone in Apapa, Lagos, Friday, said the base would no doubt add value to youths development efforts of the Nigerian governments at various levels.
LADOL is currently playing host to the integration of a $3.8billion oil and gas exploration platform otherwise known as Egina project which has been described as first-of-its-kind in the Sub-Sahara Africa.
The Egina Floating Production Storage and Offloading (FPSO) project is being undertaken by Korea-based Samsung Heavy Industries (SHI) for TOTAL Oil Exploration, with LADOL acting as the local content partner.
Speaking with journalists after the facility tour, the American envoy said his team was on a fact-finding mission to ascertain how businesses were carried out in Nigeria as to seek ways of encouraging American investors to invest in the country.
Facing an uphill battle, the privately owned West African free zone and logistics hub Lagos Deep Offshore Logistics Base (LADOL) has been rapidly expanding over the past 15 years and has established itself as an important logistics base for international oil companies. It now has its long-term sights set on diversifying away from oil and gas.
Global Trade Review (GTR) speaks with LADOL managing director and CEO Amy Jadesimi about how the free zone is evolving into a platform for industrialisation across West Africa, and the challenges it faces.
GTR: What is LADOL and how did it develop?
Jadesimi: LADOL is an industrial free zone. It was built out of a disused swamp inside of Apapa Port, which is probably the busiest container terminal in West Africa. It’s basically an island: we get to it over the water. We chose that location because we knew we had to be completely independent to achieve our aim, which is to create opportunities for large industrial projects to happen in Nigeria for the first time.
The largest industry in Nigeria is oil and gas, so we started with focusing on that by building a specialised logistics base. We, as the base operator, provide all the facilities through which services are delivered to our clients, as opposed to what happens in other logistics bases in Nigeria, which are basically converted government facilities and tend to be very bloated with many people doing the same thing.
GTR: Can you outline the various phases of development, what has been achieved thus far, and what are your plans for the future?
Jadesimi: The founders of LADOL started investing in the concept in 2001. They started investing on the ground in 2004, so the investment on the ground has been going on for 13 years. Phase one included a logistics base, hotel and offices, all of which were completed in 2011.
As part of phase two, LADOL has built the largest shipyard and installed the heaviest crane capacity in the region. The shipyard is currently constructing and will do the final integration of a floating production storage and offloading (FPSO) vessel for Total’s US$16bn Egina deepwater field. The vessel will be the largest to ever berth in West Africa, and the first FPSO to be fabricated and partially integrated in Nigeria, despite the fact that Nigeria has spent US$30bn or so building similar vessels in the past, without seeing much happen locally.
Also part of phase two is a 50MW gas-fired power plant, a new hotel and a liquid mud plant, which are currently being built and will be completed over the next 24 months.
For phase three, over the next decade we plan to develop the remaining infrastructure in the free zone to support non-oil and gas industrial activity. Our strategic focus is on supporting and attracting manufacturing and engineering businesses that have a multiplier effect on job creation and which use innovation to develop sustainable business models, disrupting current systems that perpetuate poverty. Phase three will also be distinctive in that the developers plan to significantly increase the level of sustainability in the design and layout of the free zone. In addition, we want to attract manufacturing and engineering companies with sustainable business plans and operations to set up in the zone to industrialise West Africa and be part of what will be one of the world’s largest growth markets.
GTR: Are there other, similar logistics bases in Nigeria?
Jadesimi: In Nigeria, no. Historically, our oil and gas has come from the Niger Delta, which is where the biggest logistics servicing facility is located. But this is a very different set up to LADOL. It is funded by the government. It is a very open design, whereby some of the facilities are in nearby towns, so you don’t have the streamlined, fully-integrated facility, where everything is done within one ecosystem.
The market LADOL is servicing is very different, which is why we set up a unique, fully-integrated facility. We are servicing the offshore and deep offshore market. Our target clients are people who are drilling in the middle of the ocean, sometimes 3,000 metres deep. This is a very expensive setup, costing US$20-30 a barrel, although we are trying to reduce that cost. And so, when you are servicing an operation like that, what we realised is that it’s better done from a location like Lagos where you can operate 24/7, you can quickly get in and out of the facility, and you need a custom-built logistics base that is very streamlined and efficient. Everything is set up by the base operator, which means we take all the capital expenditure risk and then people come and deliver their services through facilities that we have already built.
GTR: Given the global oil scenario, what fuels your confidence that LADOL’s built capacity will be utilised?
Jadesimi: The current oil price is driving a lot of business to LADOL. Oil majors have known for over a decade that for deep offshore blocks, Lagos is the optimal support location – LADOL is the embodiment of the ideal logistics base envisioned by Shell, Chevron and ExxonMobil when they first tried to build a base in Lagos. By building the base ourselves, LADOL has also demonstrated the need for international oil companies to support legitimate private sector companies in the sector to cut costs and ensure long-term stability. Interest in Nigeria’s offshore oil and gas assets is still high because Nigerian companies like LADOL and the current government policies have made Nigeria highly competitive.
GTR: How is LADOL financed?
Jadesimi: Since we have been going, for over a decade, financing has been challenging to say the least. Initially LADOL was financed with equity from ourselves. The Bank of Industry, a Nigerian bank, was the first major equity investor. We expect to go to another financing ground next year. We have also received bank loans. The financing challenges are one of the reasons why it has taken some time to get the infrastructure built.
GTR: Have you sought or achieved any kind of international financing?
Jadesimi: That is what we are doing next year. We wanted to get a few things in place, and position ourselves. With a project like LADOL, the idea of giving money to a relatively small private company to incrementally build a sustainable industrial free zone is a new one, albeit one which the development institutions are just now getting their heads around. We are talking to them.
GTR: How receptive has the Nigerian government been to what you have achieved so far and to your plans for the future?
Jadesimi: It has been an uphill battle: explaining who we are and getting over the fact that by adding value and adding transparency, particularly with our logistics activities in the oil and gas sector, we are shining a light on a lot of improper things that were happening before. To be honest, the pushback we have had over the past decade is far more than we had anticipated.
However, I would say that this government has taken a very clear position and a very clear stand. The president issued a policy recently which confirmed the fact that the maritime sector and oil and gas logistics sector was a liberal sector and that everybody had a right to participate. It even made specific reference to LADOL, commending us for our investment and basically saying that under this new government, they wanted to encourage the creation of more LADOLs.
I would say it has been an uphill battle for lots of reasons. One of the most effective things we have been able to do is to educate the government and civil society and other private sector companies about the benefits that come from opening up the market to the private sector in this way. Where we are at now is a place where we will see a lot more private investment coming in over the next decade.
Jide Jadesimi, Executive Director of LADOL, was invited to speak at the Nigerian Diaspora Direct Investment Summit (NDDIS) recently held in London. The 4th NDDIS is dedicated to mobilising the Diaspora to set up small and medium scale industries in Nigeria to create employment for young Nigerians to address the issues, to stimulate solutions, to create deals and to move beyond the usual ‘talkshop’. Nigeria’s huge Diaspora population can be a portent force for national transformation. The High Commissioner of Nigeria to the United Kingdom will declare The Summit open.
The NDDIS was set up with the following remit.
-It will provide the opportunity for Nigerian States to lay out their projects and programmes and to engage with the diaspora to maximize the effectiveness of every investment and every project.
-It will give the Federal Government and it parastatal Agencies the opportunity explain their strategies and the incentives and opportunities they are creating
-It will give the diaspora the opportunity to engage directly and bring forward projects and business opportunities that matter to them and their families and their communities.
-International investors will be offered qualified investment opportunities in Infrastructure, Agriculture, Industry and Services.
Watch the video of Jide Jadesimi’s presentation here.
The African Export-Import Bank (Afreximbank) held its 24th Annual General Meeting of Shareholders (AGM) in Kigali from 28 June to 1 July with participation by some of Africa’s most high-profile political and business leaders, joined by leading international experts.
LADOL Managing Director, Dr. Amy Jadesimi, was invited to the event as a guest speaker.
LADOL Managing Director, Dr. Amy Jadesimi, recently attended a G20 conference focussing on the development of Africa and hosted by the German President of the G20 in Berlin.
The summit was organised to propose the ‘G20 African Partnership Initiative’ to spur private investment in infrastructure and employment. The Partnership intends to support related political initiatives of the G20 and facilitate joint commitments (Investment Compacts) between African countries, G20 Partners and International Financial Institutions. Compacts should be demand driven and form the basis for long-term cooperation, with the aim of creating a sound investment climate in relevant sectors of selected African economies. The initiative builds on existing regional and international strategies and can be viewed in the context of addressing root causes of migration.
The G20 is comprised of 19 countries plus the EU. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Republic of Korea, Turkey, the UK and the US.
Lagos Deep Offshore Logistic Base (LADOL) is awaiting what is considered to be a historic moment in the development of the country’s offshore oil and gas industry. Having fabricated part of the topsides of Total’s Egina FPSO, it will soon receive the completed hull for integration, making it, according to LADOL Managing Director, Dr. Amy Jadesimi, the first such procedure to be completed in Nigeria.
“Finally, everyone is in [agreement] on the importance of making Nigeria the hub for West Africa, and how facilities like LADOL are crucial to making that happen,” she said.
Relating this achievement to the Nigerian market, she said that this was only the first step, one for LADOL and other Nigerian ports to continue to build upon – something, she told Offshore, that government officials including newly appointed secretary of the Nigerian Content Development and Monitoring Board Simbi Kesiye Wabote are encouraging.
“He [Wabote] also wants to see pricing coming down, because when local content works, you end up getting tremendous cost savings for the industry,” Jadesimi said. “It brings down the cost of doing business because you are operating close to your oil block, you are using local people, and you are manufacturing locally.”
LADOL is implementing several plans to streamline its processes and make them more cost-effective.
Like most of the industry, ways to decrease cost is of increased importance to Jadesimi and her team. She said although oil companies have always wanted to curtail spending, the recent oil price crisis has actually helped bring these abstract pricing discussions about saving money into more concrete terms.
“As soon as the oil price fell, these discussions became very real. We have been able to make a lot of headway this year, in bringing on board IOCs with our business model,” she said. “Our facility is specialized for offshore, so it is a very streamlined, fully integrated business model, [meaning that] we as the base operator provide all the facilities through which the services are delivered.”
As an example, Jadesimi revealed that LADOL was building its own mud plant to service all companies using the yard, with service providers providing design input. Once completed, the oil companies’ chosen service providers will deliver service through this facility. She said that it will cut down on costs for both sides, eliminating the need to maintain multiple plants. It is also designed to allow LADOL to maintain the quality control to a very high standard.
Jadesimi said that model was being replicated across the yard’s facilities, pointing to a roll-out of an extensive cashless and paperless enterprise resource planning system related to its warehouse inventory. She also acknowledged at least one area where LADOL had looked outside of its country for external models.
Jide Jadesimi, Executive Director of LADOL, was recently interviewed on the Business Morning program of Channels TV. Discussing the subject of local content development in the Nigeria energy market and the role of local investors, Jide explained how LADOL is contributing to these initiatives and helping to boost the economy.
Watch the full video below.
An historic event will take place in Lagos later this year when the Total’s Egina Floater arrives at Lagos Deep Offshore Logistics Base (LADOL) in Nigeria.
Mr. Jide Jadesimi, Executive Director Business Development at LADOL recently gave a presentation on their partnership strategy in this venture and was also be available for B2B meetings with participating companies. The event was held at the Norwegian Energy Partners office, Hoffsveien 23, Oslo.
The Managing Director of Nigerian Ports Authority (NPA) Hadiza Bala Usman has directed that every terminal in the port was free to receive any cargo as far as it has the technical competence to handle such goods.
Usman introduced the measure as part of the efforts to promote competitiveness in the ports environment and check monopolistic tendencies in the industry.
Representatives from the British High Commission recently visited LADOL Free Zone to review progress of the facility.
From left to right.
Ms Ola Sorunke – Head of Energy, Nigeria, Department for International Trade, British Deputy High Commission
Mrs Laure Beaufils – Deputy High Commissioner in Lagos
Dr Amy Jadesimi – MD LADOL
Mrs Harriet Thompson – Deputy High Commissioner in Abuja
Mr Wale Adebajo – Communication Manager and Political Adviser British High Commission in Lagos
The 3-day Grand Health Bazaar (#GHB2017) event recently took place at the Havilah Centre, Sheraton Four Points Hotel, Lagos from April 25-27 2017. #GHB2017 invites high profile keynote speakers from different organisations who enlighten and update attendees on new innovations in their various fields of expertise. Representatives from LADOL where invited to speak at the event which also hosted delegates from over 10 countries including the USA, UK, Egypt, Mauritius, Uganda, Kenya, Burkina Faso, Togo and Ghana.
In line with the Global Sustainability Agenda, the theme of this year’s GHB was ‘Creating Shared Value as an Essential Tool for Enhanced Corporate Sustainability’.
LADOL Executive Director, Jide Jadesimi, welcomes members of the Society of Petroleum Engineers (SPE) to the LADOL Free Zone. The visit was organised to familiarize the SPE representatives with the facility to facilitate future business opportunities
Dr Amy Jadesimi, MD of LADOL, welcomes Hon. Barr. Emmanuel Jime, Managing Director of Nigeria Export and Processing Zones Authority to the LADOL Free Zone.
The Chairman of the Lagos Deep Offshore Logistics (LADOL), Ladipupo Jadesimi, has expressed the hope of Nigeria emerging the hub for Floating Production Storage and Offloading vessel (FPSO) integration in the nearest future.
Jadesimi, who expressed optimism on the fast growing development at the logistics base, however, bemoaned allegations that the company is berthing vessels illegally at the base.
The Chevening Scholarships programme is the UK government’s prestigious international Leadership programme, funded by the Foreign and Commonwealth Office (FCO) and partner organisations. Young professionals with outstanding academic and leadership talents are given the opportunity to study for a one-year Masters degree at any UK University of their choice, after which they are required to return to Nigeria to assist in further development of the country.
A total of 44 Nigerians who were awarded Chevening Scholarships in 2015/2016, are back in-country after having successfully completed their study in various UK universities.
As a sponsor for the Chevening Partnership, representatives from LADOL recently attended a welcome reception hosted by the British High Commission for the 2015/2016 Chevening Scholars.
It’s rare to find a woman at the top of an oil business. It’s the last place Amy Jadesimi expected to be.
“The one thing that I definitely didn’t want to do was work in oil and gas,” Jadesimi told CNN.
That was before she got involved with Lagos Deep Offshore Logistics Base (LADOL), a company founded by her father in 2001 to provide support services to Nigeria’s oil industry. Jadesimi had set out on a very different path. She received a medical degree from Oxford University and went on to work as an investment banker in the U.K. Then she moved to the U.S. to complete an MBA at Stanford Business School, before returning to Nigeria.
“I knew that I had enough education and experience that I could really add value in the market here,” she said.
But she wasn’t sure exactly how to do that until she joined the family firm. “When I got involved with LADOL I realized that’s what I’d been missing.”
The company counts Nigeria’s Bank of Industry among its backers. It provides long term financing to Nigeria’s industrial sector. LADOL hires locally and focuses on projects within the region.
“We decided to grow the business organically as a 100% indigenous [Nigerian] firm,” Jadesimi said. “You can’t really achieve your full potential as a country unless you have local shops [and] local investment.”
She manages more than 1,000 Nigerian employees who offer a huge range of services to the country’s giant oil sector, including providing utilities, security and support for offshore production and projects.
But Jadesimi also wants to lead LADOL into new sectors, such as car manufacturing and education. She said the company has partnered with Samsung Heavy Industries to expand its offshore base and build a large dry dock.
“It helps us diversify outside oil and gas because you can use that shipyard for any kind of steel fabrication from railways to bridges to general works, and that is part of what LADOL’s strategy is,” she said.
“What we want to do is use the investments we have made in infrastructure to bring up other industries in the country.”
Watch the full video below.
The Business and Sustainable Development Commission is making an important case for the private sector to be more involved in solving the planet’s biggest challenges. In collaboration with The Economist Films, the Business Commission developed a 10-minute film to explain what the challenges and opportunities are and highlight some of the companies leading the conversation on sustainable development. LADOL’s Managing Director, Dr Amy Jadesimi, contributes to the film by setting the global context.
Watch the full video below.
Dr Amy Jadesimi, MD of LADOL, has been invited as keynote speaker at the OECD Global Forum on Development Conference to be held in Paris on 5th April 2017. Participants at this year’s conference will take stock of existing initiatives to catalyse the power of the private sector in supporting the Sustainable Development Goals, explore new avenues of partnerships to mobilise the necessary resources and understand how the OECD can help.
“A fantastic business opportunity.” Amy Jadesimi, Managing Director of LADOL and Commissioner at the Business and Sustainable Development Commission, tells Abraaj Week 2017 that there is huge potential to create value through the Sustainable Development Goals (SDG).
Watch the full video below.
Amy Jadesimi, Managing Director of Lagos Deep Offshore Logistics Base (LADOL), explains why local content done right always reduces costs, and how low oil and gas prices can be a boon for the oil and gas industry.
The US Ambassador to Nigeria, Stuart Symington recently visited LADOL to review progress on the development of the site and discuss business opportunities.
The following video gives a birds eye view of the development of LADOL. This clip was filmed by Jay Brother Productions (http://jaybrothersproduction.com).
Watch the full video from our YouTube channel below.
A new report from the Business & Sustainable Development Commission shows that the next decade will be critical for companies to open 60 key market “hot spots”, tackle social and environmental challenges, and re-build trust with society.
The flagship report, Better Business, Better World, asserts that sustainable business models could open economic opportunities worth at least US$12 trillion, create 380 million jobs a year, and unleash a step-change in growth and productivity by 2030.
“We need to show these ideas work not just in a report but on the business frontline,” said Dr. Amy Jadesimi, CEO of LADOL and a member of the Commission.
The Business and Sustainable Development Commission was launched at the World Economic Forum in Davos in January 2016. It brings together leaders from business, finance, civil society, labour, and international organisations, with the twin aims of mapping the economic prize that could be available to companies if the Global Goals are achieved, and describing how they can contribute to achieving them.
Lagos Deep Offshore Logistics base (LADOL) has joined the few Nigerian companies that have crossed all barriers to play in the league of global leading firms that shape business development in the world’s shipping sector.
Industry analysts attribute the growth of LADOL to the construction of the fabrication and integration yard of the Floating, Production, Storage and Offloading (FPSO) oil platform, known as Egina, worth over $3.8 billion and built in partnership with Samsung Heavy Industry (SHI) as technical partner for Total Oil Company.
The analysts say the integration facility, which has received many commendations from companies and government representatives across the global, is positioned to not only attract over $10 billion worth of investments into Nigeria in the next few years, but to also create engineering capacity and jobs for Nigerians and serve as source of foreign exchange for the economy.
“LADOL’s investment exemplifies the Nigerian Content Development and Monitoring Board’s (NCDMB) vision of domestication of industry operation, creation of job opportunity for Nigerians as well as extracting legacy for major industry projects”, Simbi Kesiye Wabote, executive secretary, NCDMB, said during his recent visit to LADOL base.
With the collapse in the international oil price, Nigeria has found itself centre-stage as its economy falters. It has prompted experts to put pressure on the country to diversify its economy and take a different approach to the oil and gas sector.
To find out more for Africa Business Report on how companies and entrepreneurs are investing in the sector, the BBC’s Lerato Mbele started by visited LADOL – which has turned a former swamp in Lagos harbour into a port facility to support offshore drilling operations.
Watch the full news clip below.
The Senate Committee on Marine Transport has pledged to support Lagos Deep Offshore Logistics Base (LADOL), Niger Dock Ltd. and the Lagos Channel Management (LCM) to achieve success in the interest of the country.
The Chairman of the Committee, Sen. Ahmed Yerima, said this during an oversight function of the committee to Lagos Channel Management (LCM), Niger Dock Ltd. and LADOL in Lagos.
He said that the committee members were impressed with the facilities the companies had been putting in place, adding that he would give them all the encouragement required in the interest of the country.
We are highly impressed. This is the first time I am seeing LADOL physically. I have seen them in document and I have tried to know about them and I now know them practically.
Dr. Amy Jadesimi, CEO of LADOL, recently attended the Danish Maritime Forum and engaged with key leaders from the public and private sectors in collaborative activities to unleash the potential of the global maritime industry.
The 2016 Danish Maritime Forum included a number of high-level panel discussions and key notes featuring key business leaders, top government officials and prominent experts. They served to set the context and highlighted the most significant challenges and opportunities in the global economy.
Watch the highlights from the event here.
The Board memebers of the Nigerian Ports Authority (NPA), have promised to made into the lingering crisis in the oil and gas logistics value chain.
The Board, during a visit to the Lagos Deep Offshore Logistics (LADOL) base in Apapa Lagos, promised to probe into the issues and table it before President Muhammadu Buhari in a short distannce for due inteference.
The board members led by its Chairman, Emmanuel Adesoye Olajide, an engineer, said they will look into the matter, which has threatened forex earnings in the country and ensure that the president himself wades in.