Nigeria – Separating Fact From Fiction, Forbes
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.
Sep 13th, 2017
MD LADOL launches BSDC “Better Business Better World MENA” report in Cairo.
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 […]
World Bank Growth Report – Nigeria’s growing economy
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 […]
LADOL wins Africa Infrastructure Award
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 […]
LADOL Sponsors FT Africa Summit 2017
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 […]
LADOL MD Attends Sustainable Development Impact Summit
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 […]
Nigeria – Separating Fact From Fiction, Forbes
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 […]
USTDA hails LADOL as haven for investment
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 […]
LADOL logistics base set for expansion
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 […]
Executive Director speaks at Nigerian Diaspora Direct Investment Summit
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 […]
LADOL CEO invited to Afreximbank AGM
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. Click […]
LADOL CEO attends G20 Africa Summit
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 […]
LADOL continues to mark milestones as deepwater port
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 […]
Channels TV Interviews LADOL Executive
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.
Nigeria network meeting – Egina Floater
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 […]
NPA Ends Era of Monopoly at Ports
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 […]
British High Commission Visits LADOL Free Zone
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 […]
LADOL Keynote Speaker at Grand Health Bazaar 2017
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 […]
Delegation From The Society of Petroleum Engineers Visits LADOL
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 https://www.spe.org
MD of NEPZA Visits LADOL
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.
Nigeria To Become West Africa’s Hub For FPSO Integration
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 […]
- MD LADOL launches BSDC “Better Business Better World MENA” report in Cairo.