Pictured above (L-R) – Mr. Oscar Onyema OON, CEO Nigerian Stock Exchange; Dr. Amy Jadesimi, Managing Director of LADOL
Pictured above (L-R) – Mr. Charlie Walker, Head of Equity Primary Markets at the London Stock Exchange Group; Dr. Amy Jadesimi, Managing Director of LADOL
Ed Butler interviewing Dr. Amy Jadesimi, MD LADOL at BBC World Service Studios for Business Daily program, following LADOL’s selection by London Stock Exchange as a Company to Inspire Africa. Dr. Jadesimi discussed the launch & importance of the LSE CTIA 2019 report, “the companies selected operate at or above international standards and show the wealth and breadth of indigenous companies that are poised to create jobs and growth across the continent. LSE is playing an important role in highlighting these companies to the world as attractive investment opportunities”.
LAGOS December 19, 2018: LADOL Free Zone’s logistics company has been awarded International Organization Standardization, ISO 9001:2015 and 45001:2018+14001:2015.
LADOL is the first company in the whole of West Africa to meet this standard. This wholly Nigerian owned company continues to break new ground and prove that Nigerian companies can lead the way and exceed international standards.
Achieving these standards took the hard work of all the staff at every level of the company and is a testament to their hard work throughout the 17 years that this company has been building and investing in infrastructure.
The certification reflects the fact that LADOL’s success is built on hard work, consistency, long-term planning and sustainable business practices – all of which are reflected in the Company’s policies and procedures. The staff and management also believe in continuous learning, training and improvement.
ISO 9001:2015 certification was achieved after a rigorous and transparent audit process conducted by Bureau Veritas while ISO 45001:2018+14001:2015 was conducted by RINA between December 10 – 14, 2018.
According to ISO, achieving 9001:2015 certification means that an organization has demonstrated the following:
Innovation of people
Systematic approach to management
Factual approach to decision-making
Mutually beneficial supplier relations
The newest version of the ISO 9001 certification contains key updates including an emphasis on risk-based thinking to enhance the application of the process approach, improved applicability for services and increased leadership requirements.
The goal of ISO 45001 is the reduction of occupational injuries and diseases. The standard is based on OHSAS 18001, conventions and guidelines of the International Labour Organization including ILO OSH 2001, and national standards. It includes elements that are additional to BS OHSAS 18001 which it is replacing over a three-year migration period from 2018 to 2021. ISO 45001 also follows the High-Level Structure of other ISO standards like ISO 9001:2015 and ISO 14001:2015 which makes integration of these standards much easier.
LADOL’s Managing Director, Dr. Amy Jadesimi said: “Achieving these certifications reflects the hard work and dedication of our staff, for which I thank them all. Many staff members worked long hours, and everyone was enthusiastic and collaborative, I’m very proud of us all. This is part of a long-term plan and we will continue to improve every year exceeding international standards and very soon setting them. Nigerian companies are very well placed to take the lead in several areas, leveraging off our huge untapped and under-served market, but having strong quality and safety standards is a must for all of us. The United Nations 17 Sustainable Development Goals also provide a template on which we can build new business policies, procedures and models, that are most likely to be highly profitable in the medium to long-term.”
Being the first company in Nigeria to achieve the new ISO 45001:2018 Occupational Health and Safety Management certification and the only one to have both that standard, ISO 9001 and ISO 14001:2018 has placed LADOL among an elite category of companies which are internationally recognized for best practices.
Unlike most business people who have a doctorate, Dr Amy Jadesimi really is a doctor. The accomplished CEO of a major Nigerian logistics company – that is also the country’s first privately-developed port terminal – started her working life as a medical doctor, graduating from the prestigious Oxford University, worked as an investment banker at Goldman Sachs in London and then did an MBA at Stanford University. She returned to Nigeria, where she became CEO of Lagos Deep Offshore Logistics Base (LADOL), in 2009.
Built out of a “disused swamp” over the last 17 years, LADOL is an industrial free zone. “Since the largest industry in Nigeria is the petroleum sector, we started off by servicing that sector. I don’t consider myself in oil and gas at the moment, but we do service oil and gas companies,” she told me.
LADOL is unique in many ways, argues Jadesimi (43). “It is 100% Nigerian-owned, the first privately developed Port Terminal and the first sustainable industrial free zone. It has taken 17 years to reach this stage of development and along the way we have overcome horrendous hurdles. However, we prevailed because of our sustainable business strategy, which offers our clients 50% cost savings, while maximizing the number of Nigerians that are employed and enabling technology transfer.”
She says LADOL is building the world’s first Sustainable Industrial Special Economic Zone (SSEZ) and is using the UN’s Sustainable Development Goals (SDGs) “to build a unique circular ecosystem, servicing a range of industries.”
Founded by her father in 2001, it has been operational since 2006. “Every year since then the infrastructure and facilities have grown and expanded. The Zone now provides a 24/7 efficient, safe and secure location from which local and international companies, in a range of sectors can start operating immediately.”
In 2017, she says LADOL “disrupted the local oil and gas market, halving the costs of local support, and creating thousands of local jobs” and is now “focused on attracting and servicing a range of non-oil and gas companies, in sectors ranging from technology to agriculture. The sectors identified will work together to create a circular economy within the zone.”
West Africa is one of the largest under-served markets in the world with the fastest growing population, she adds. Industrial companies working in LADOL can service this market sustainably and profitably while creating tens of thousands of jobs. As the local market grows there will be higher demand for locally produced products, a larger skilled workforce and cheaper domestic operating costs, she believes.
“LADOL is a blueprint for the Sustainable Industrialisation of Africa, turning Africa’s demographic dividend into a global wealth creation.”
Asked what has been the greatest learning experience in an accomplished career, she says: “I learn new things from working at LADOL every day. Overall despite the challenges it has restored my faith in humanity and, from a business perspective, convinced me that for Africa to industrialize we must do it sustainably. When Africa does industrialize, it will create incredible wealth not just for our continent but also for the world.”
“This will require innovation, engineering and manufacturing all taking place in African countries, with African’s leading the way. That’s what LADOL is all about – build a sustainable ecosystem that will enable companies to develop new technologies and solutions for the largest growing market in the world, operating in that market.”
Jadesimi’s list of awards is as impressive as she is. She was named Young CEO of the Year by the African Leadership Forum earlier this year; a Young Global Leader by the World Economic Forum (WEF) in 2013; and an Archbishop Tutu Fellow in 2012, where she worked to reduce maternal mortality. She has also been named as a Rising Talent by the Women’s Forum for Economy and Society, one of 20 Youngest Power Women in Africa by Forbes in 2014, and was among the Top 25 Africans to Watch by the Financial Times.
She initially studied medicine, because “I had an interest and aptitude for the sciences at school and I very much valued and enjoyed my time at medical school. Being a doctor has shaped every aspect of my life”.
She took a year off and went into investment banking but wasn’t intending to stay. “However, I learned a lot while I was working in investment banking and realized that I wanted to do something industrial, related to creating real jobs, so I stayed in banking for three years,” she says. “Goldman taught me how a range of companies work, how the markets work and prepared me to manage LADOL, a company that has a large and diverse set of departments – from security to logistics to maintenance.”
She says Stanford is a great business school for entrepreneurs and “it prepared me to work in Nigeria – where we have to be self-reliant a lot of the time. Especially working for a company like LADOL, that is achieving so many firsts.”
“We will be expanding into a range of eight sectors, from agriculture to clean technology. In part, this is because we have identified the sectors that fit best into our circular economy within the zone. In addition, we believe that commodity-rich countries, such as Nigeria, can use their natural resources to develop a diverse set of industries. LADOL is the first and largest example of that development model in action.”
Picture 1: President Buhari with L-R Gen. Man Abuja, Imam Abdulkadir, Managing Director of LADOL, Dr. Amy Jadesimi; Executive Director of LADOL, Mr. Ibrahim Aliyu; Chairman of LADOL, Mr. Oladipupo Jadesimi; SGF Boss Mustapha; Minister of Trade and Investment, Okechukwu Enalamah and Minister of State Petroleum Resources, Dr. Ibe Kachikwu.
Picture 2: President Buhari with the Chairman of LADOL, Mr. Oladipupo Jadesimi and the Executive Director of LADOL, Ibrahim Alihu.
Picture 3: President Buhari in a one-on-one audience with the Chairman of LADOL, Oladipupo Jadesimi.
Picture 4: President Buhari with the Managing Director of LADOL, Dr. Amy Jadesimi; Executive Director of LADOL, Ibrahim Alihu and the Gen. Man LADOL Abuja, Imam Abdulkadir.
LADOL Shows Our Reforms Are Succeeding – President Buhari
President Muhammadu Buhari said his administration will continue to implement policies that will attract investment and spark competition in critical sectors of the economy for employment creation and growth.
The President commended LADOL for taking full advantage of the pro-business policies put in place by his administration and aimed at bringing domestic and direct foreign investment which are yielding prosperity to the people of the country.
According to President Buhari: Your competitive and aggressive activity has brought you success. I am pleased that you invested in a critical area, the oil industry, in which I have development interest. I am happy you are training Nigerians and giving them respectful jobs. What you are doing shows that whoever tries will succeed.”
The Chairman of LADOL and Chief Executive of the company, Chief Oladipupo Jadesimi said they had come to thank President Buhari for creating an enabling environment and anti-corruption regime that have enable their business to create a 10 billion Dollar investment and 50,000 new jobs.
Managing Director of the company, Dr. Amy Jadesimi informed the President that their investment had a mission to attract local and international companies that will help reduce the cost of off-shore support services.
Picture 1 – Left to Right: Chief Information Officer, Nse Ikiddeh; Business Development Admin. Officer, Farida Dikko; Managing Director of Shell Nigeria Exploration and Production Company, SNEPCo, LADOL’s Chief Finance Officer, Jocelyn Nwaokenneya; and LADOL’s Business Development Superintendent, Olubayo Olaomo at the ongoing Shell NCD event 2018 in Lagos.
Picture 2 – Left to Right: Business Development Admin. Officer, Farida Dikko; and and LADOL’s Business Development Superintendent, Olubayo Olaomo at the ongoing Shell NCD event 2018 in Lagos.
Managing Director of LADOL, Dr. Amy Jadesimi, gave the Key Note Speech at the opening plenary of the GIZ Joint Symposium 2018 Economy & Social Development, in Bad Neuenahr, Germany on 11th September 2018.
During her speech she highlighted the fact that the global turmoil and search for new operating models is an ideal time for sustainable business models and public sector policies to flourish. There have never been as many educated, healthy connected people in the world as there are now and we have definitive evidence that sustainable operating models will outcompete all others. She encouraged the 800 people in the audience to be optimistic and use this time to support and enable sustainable private sector companies in low income, high growth countries to flourish. This will lead to massive job creation and attract the trillions of dollars needed to help us meet the United Nations 17 global goals and 169 targets.
About GIZ Symposium
800 participants – colleagues from Germany and abroad, commissioning partners and guests from different backgrounds of business, politics and civil society gathered in Bad Neuenahr to consider the main theme of ‘Globalisation Revisited’.
The Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) GmbH or GIZ in short (English: German Corporation for International Cooperation GmbH) is a German development agency headquartered in Bonn and Eschborn that provides services in the field of international development cooperation. GIZ mainly implements technical cooperation projects of the Federal Ministry for Economic Cooperation and Development (BMZ), its main commissioning party, although it also works with the private sector and other national and supranational government organizations (but usually not with non-governmental organizations) on a public benefit basis. In its activities GIZ seeks to follow the paradigm of sustainable development, which aims at balancing economic development with social inclusion and environmental protection. GIZ offers consulting and capacity building services in a wide range of areas, including management consulting, rural development, sustainable infrastructure, security and peace-building, social development, governance and democracy, environment and climate change, and economic development and employment.
GIZ was established on January 1, 2011, through the merger of three German international development organizations: the Deutscher Entwicklungsdienst (DED), the Deutsche Gesellschaft fur Technische Zusammenarbeit (GTZ), and Internationale Weiterbildung und Entwicklung (InWEnt). GIZ is one of the world’s largest development agencies, with a business volume in excess of EUR2.4 billion in 2016 as well as 19,506 employees spread over more than 120 countries. Additionally, in cooperation with the German Federal Employment Agency, GIZ operates the Centre for International Migration and Development (CIM), an agency specialized on international cooperation activities related to global labour mobility.
Read media coverage below
Egina FPSO, first FPSO to complete fabrication and integration in NIGERIA – launched from LADOL 05:00am Sunday 26 August 2018
Nicholas Terraz, managing director, Total Upstream Companies in Nigeria, Ahmadu-Kida Musa, deputy managing director, deep water, Total Exploration and Production Nigeria, Dr. Amy Jadesimi, managing director, Lagos Deep Offshore Logistics Base (LADOL), and executives from Samsung Heavy Industries (SHI-MCI) were present during the sail away.
The FPSO will arrive in three days’ time at the Egina oilfield located in Oil Mining Lease (OML) 130, which is being developed at the cost of $16 billion by the French oil major, Total.
Read media coverage of the sail away below.
His Excellency Acting President Prof. Yemi Osinbajo visited at LADOL Free Zone on Friday 10th August 2018. The visit highlighted the important contributions indigenous private companies make to the Nigerian economy.
MD LADOL, Dr. Amy Jadesimi, welcomes His Excellency Acting President Prof. Yemi Osinbajo to the free zone.
MD of Nigerian Ports Authority Hadiza BalaUsman and His Excellency Acting President Prof. Yemi Osinbajo – the visit highlighted the important contributions indigenous private companies make to the Nigerian economy
His Excellency Acting President Prof Yemi Osinbajo with young staff members of LADOL celebrating the success of Ease of Doing Business and the landmark achievements of LADOL.
Dr. Amy Jadesimi, Mrs. Laure Beaufils, Hon. Aesha Aabubakar, and Hadiza BalaUsman- Celebrating women leading men and the strategic economic importance of LADOL Free Zone.
Media coverage of the visit can be accessed on the following links.
The third annual SDG Business Forum has highlighted ways to communicate with and engage SMEs, the value of local-level partnerships to accelerate progress towards the 2030 Agenda, and a range of new tools to guide the business community in its efforts.
UN Global Compact CEO and Executive Director Lise Kingo said the private sector is “the fuel that can accelerate sustainable development” at the national and local levels.
UN Deputy Secretary-General Amina Mohammed highlighted “responsible business” as one of the most powerful contributions companies can make to the 2030 Agenda.
MD LADOL joined a distinguished panel of speakers on the 1st Panel Session at the SPE Conference Yesterday.
Speaking on ‘Diversification of the Nigerian Economy’. Dr Jadesimi commented “to grow our economy we need millions of indigenous SMEs and thousands of large Nigerian companies, NIGERIA is the most attractive market in the world today for local companies that want to add value. Provided the government continues to maintain a level playing field these local companies will grow and create opportunities in which international companies can invest – this is one of the keys to sustainable industrialisation and double digit GDP growth of our country.”
It is a great pleasure to announce that our CEO, Dr. Amy Jadesimi, has been recognized as one of the Most Influential People of African Descent (Under 40) Worldwide. This prestigious accolade is in support of the United Nations International Decade for People of African Descent (UN IDPAD).
LADOL Executive Director Jide Jadesimi has recently delivered a presentation to the Nigerian-American Chamber of Commerce at a LADOL sponsored breakfast briefing. Jide updates the attendees on the progress of LADOL and the Egina project.
Dr. Amy Jadesimi, MD LADOL, has urged the United Nations to support private sector companies in low income high growth economies such as Nigeria. Dr. Amy made the call while speaking at the Sustainable Development Goal (SDG) business forum recently held at the UN headquarters in New York.
She said the private sector in high growth countries are increasingly operating sustainably because of their “winning business strategy”.
Some of Dr. Amy’s comments at the forum are listed below.
“LADOL is a great case study for the significance and rapid impact indigenous sustainable business can have in high-growth, low-income markets”
“There is a sense that the direction of travel with regards to SDGs is going in the wrong direction but there is a dichotomy between low-growth wealthy countries where sustainability will be resisted. In wealthy countries you are asking people to give up something they have in their hands for a promise of a better future. In low-income, high-growth countries, where the majority of the world’s population lives and will increasingly live, there are wide open opportunities and real local private companies are moving in the right direction.”
“The real private sector in high-growth countries is increasingly operating sustainably because this is the winning business strategy.”
“Governments in wealthy countries will need to step up and impose strict regulatory policies to ensure their private sector operates sustainably both at home and abroad. Governments in poorer countries should please focus on providing a level playing field, so the private sector can invest, add value and create prosperity”
“The private sector can lead and invest in achieving the SDGs, but they must have access.”
“I urge the UN to take up the cause of creating level playing fields in all markets. The venerable institutions represented here should also focus on preventing multinationals from colluding with certain government officials and politically exposed people in low-income, high-growth countries to impose monopolies in those countries that actively and maliciously stop the real private sector from participating in and bringing sustainability to these markets”
“Access to water for all is critical; private sector can play a huge rule in providing solutions even in the most challenging situations. However, we should ensure that they have access and are not crowded out by NGOs and/or government policies.”
“The B Team Africa is a great organisation through which private sector companies can come together, share best practice and lobby for change. It is also one of the organisations that is giving a voice to indigenous companies – we know what we need to do, but we need to work together to do it.”
“Low-income, high-growth countries are the engine that will drive the world towards sustainability. I urge the UN and the delegates present to focus on policies and solutions to effectively engage with and support the real private sector companies in these regions”
“All businesses should be long-term focused”
“I hope the UN will help enforce regulations against companies that violate human rights and perpetuate the worst practices of the status quo, while simultaneously focusing on policies and solutions that engage and empower the real private sector companies in high-growth markets to flourish.”
A panel discussion with Sanda Ojiambo, Lars Lindoe, and Amy Jadesimi on the topic of “Private Sector Leading Innovative Change”, moderated by Robert Skinner.
The event took place on the side of the 2018 High-Level Political Forum (2018 HLPF). Click the image for full video.
“This is a paradigm shift. Incremental change isn’t going to work.” @ladol_freezone CEO & B Team Africa Member Dr. Amy Jadesimi on the need for bold & transformative solutions to reach the #SDGs. Join us live: https://t.co/na1mtUL31b #SDGBizForum #HLPF pic.twitter.com/38bnnI7nJC— The B Team (@thebteamhq) July 17, 2018
MD LADOL attended the Launch of the Inclusive Data Charter at One UN Plaza today After the event she commented “This was a great breakfast meeting, keynote speaker, H.E. Prof George Gyan-Baffour, Min. Planning Ghana, was an excellent example of how this drive for evidence based decision making is being driven and utilised by the most effective African governments and private sector companies, as it must be to achieve our goals of a peaceful, prosperous, sustainable world.”
The Managing Director of LADOL, Dr. Amy Jadesimi was invited to speak at the United Nations on 17th July 2018 by the B-Team Africa, GSMA, UN Foundation and the organisers of the event. She joined global CEO’s to discuss the practical and policy steps needed to unlock the potential for private sector to take a lead in achieving the 17 Sustainable Development Goals (SDGs).
As the CEO of LADOL, a wholly indigenous company, and the only African speaking on “Unlocking the power of business – multi-stakeholder collaboration” Dr. Jadesimi was able to offer a unique perspective. LADOL itself is a practical, tangible example of how the real private sector in low income high growth countries can stimulate significant economic growth and job creation through pursuing sustainable business operations and opportunities.
LADOL is an industrial Special Economic Zone, built out of a disused swamp into what is now the only fully integrated deep offshore logistics base and the largest ship yard in West Africa. These developments at LADOL could create 50,000 direct and indirect jobs. But the World Bank estimates the world needs 600 million new jobs, 80% of which will come from indigenous companies. If these companies develop sustainably they will be resilient and gain higher returns. Nonetheless the decks are still largely stacked against such indigenous enterprises. LADOL’s development took over 15 years and the journey was extremely arduous. The world has only 12 years to achieve the 17 SDGs, therefore the Managing Director of LADOL is engaging with world leaders to help put in place policies, financial solutions and partnerships that will drive investment and expertise into more real private sector companies in low income, high growth countries across the world. Ensuring that they adopt sustainability as a winning business strategy and thereby drive achievement of the 17 SDGs by 2030.
Speaking ahead of the forum, Dr. Amy Jadesimi, Chief Executive of LADOL said: “the 17 SDGs and 165 targets are a free template for the most profitable business strategies of the future, private sector will lead in achieving the SDGs, as companies that adopt sustainability now will outcompete companies that do not. In so doing they will also help to create a peaceful and prosperous sustainable world”.
Speakers for the forum include Dr. Amy Jadesimi, CEO of LADOL; Jean-Piere Clamadieu CEO, Solvay; Kimmo Tiilikainen, Environment Minister, Finland Government; Guy Ryder, Director General, ILO; Sunny Verghese, Co-founder & Group CEO, Olam International & WBCSD Chair; Ana Dolores Roman, CEO, Pfizer Ecuador.
Dr. Jadesimi was a Commissioner for the Business and Sustainable Development Commission, chaired by Lord Mark Malloch-Brown and in March 2018 she was invited to join the B-Team Africa. The B Team Africa is a coalition of Africa-based business and civil society leaders working collectively to drive progress across the continent. The B Team Africa’s leadership includes Safaricom, M-KOPA Solar, Kenya Commercial Bank Group, Isuzu East Africa, Made in Africa Initiative and SoleRebels’ CEOs, as well as Drs. Mo Ibrahim and Ngozi Okonjo-Iweala. Together, we are encouraging Africa-based companies to make strong ESG-oriented commitments, including the adoption of science-based and net-zero targets and invest in renewable, clean energy.
Dr. Jadesimi has recently written an article for We Are The City on the huge opportunity that breaking the glass ceiling presents. “It’s estimated today that equal engagement of women in the workforce will add $28 trillion US dollars to annual global GDP by 2025.
This is the equivalent of adding another United States and China to the global GDP, just by ensuring equal opportunity to women. That sounds like a pretty good trade off to me.
Across the world there are initiatives, such as the 30% Club in the UK, that aim to empower women and get more of us onto the boards of large companies. In Africa however, which is anticipated to house 25 per cent of the world’s population by 2050, progress is far from quick.”
For the first time in Nigeria’s history, a local company, Lagos Deep Offshore Logistics Base (LADOL), is playing host to a $3.8 billion floating production storage and offloading (FPSO) unit, otherwise called the Egina FPSO. Applauded as first-of-its-kind in sub-Saharan Africa, the project was handled by the Korea-based Samsung Heavy Industries (SHI) on behalf of Total Oil Exploration, with LADOL serving as its local content partner. The Managing Director of LADOL, Dr Amy Jadesimi, asserts that the feat has put Nigeria on the global map. With the achievement, she believes Nigeria is on the threshold of sustainable industrial revolution. However, Jadesimi decries the level of financial scrutiny that businesses have to go through to access loans, warning that unless the federal government urgently makes policies to provide long-term, low-cost financing for small- and medium-sized businesses, the country may not be able to have global giants like the General Electric and Facebook. She speaks with Kunle Aderinokun, Eromosele Abiodun, Bayo Akinloye, and Ugo Aliogo
We are delighted to have won the Breakthrough Project of the Year award for the EGINA project at the at The Oil Council’s Africa Assembly 2018 conference in Paris.
The Oil & Gas Council is the largest and most influential network of senior oil & gas, finance and investment executives in the world.
They broker relationships and provide unique networking opportunities for our individual members and corporate partners year-round, through dozens of tailored experiences.
The Africa Assembly is recognised as the region’s most influential corporate development, strategy, finance and investment gathering. It is a catalyst for the growth and development of the African energy industry.
The theme for the 2018 Africa Assembly was ‘The New African Horizon’.
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.