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 Wins Best Local Content Operator of Year
LADOL is very proud and honoured to win the Best Local Content Operator of Year award at the Energie Platform Lecture series and The Oil and Gas Industry Award Dinner recently held at Eko Hotel in Lagos.
Dr Amy Jadesimi speaks at Shell Nigeria Women’s Network on IWD2018
On International Women’s Day 2018, Dr Amy Jadesimi joined Shell Nigeria Women’s Network to share her professional experience and lessons learned. “Focus on your work, not on what people think about you. Don’t be affected by the negative comments, just keep pressing forward!”
Our biggest challenge was monopoly – but Buhari broke it.
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 […]
Minister of Petroleum visits EGINA
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. […]
Health, Safety & Environment Policy
We consider that Safety, Health, Respect for the Environment, Safeguarding of Assets and Quality are essential to the efficient operation of our activities and to our employees, contractors and other stakeholders. We are committed to having an HSE Management System in force, in recognition of the fact that safe operations depend not only on technically […]
Channels TV: Local content funding interview
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.
GTR Africa: West Africa Trade & Export Finance Conference 2018
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 […]
French Delegation visit LADOL
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 & […]
Egina FPSO arrives at LADOL
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 […]
From inception, LADOL has been committed to attaining and maintaining excellent quality standards. We provide all our relevant interested parties with innovative, high quality sustainable solutions. These quality standards are embedded in LADOLâs ISO9001:2015 compliant electronic management system. Our virtual management system provides us with the tools and data for continuous improvement, and systematic risk […]
OLADIPO JADESIMI, Executive Chairman
Ladi Jadesimi is an Oxford University Graduate in Jurisprudence. A Founding Partner in Arthur Andersen Nigeria and a major Investor in Niger Delta Oil Company, operating marginal field concessions from CHEVRON. With over twenty years’ÃÂ experience in the Nigerian oil and gas sector, Mr Jadesimi has been instrumental in bringing several leading oil majors and […]
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 Wins Best Local Content Operator of Year