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
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
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LADOL CEO invited to Afreximbank AGM
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LADOL CEO attends G20 Africa Summit
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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
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LADOL Keynote Speaker at Grand Health Bazaar 2017
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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 […]
LADOL Sponsors Chevening Partnership
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 […]
CNN Money – Nigeria’s Female Oil Tycoon
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 […]
Sustaining Your World: How Business Can Help Solve the Planet’s Challenges
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 […]
OECD Global Forum on Development
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 […]
- LADOL MD Attends Sustainable Development Impact Summit