25 January 2018, London: LADOL Free Zone (‘LADOL'), the high-value sustainable industrial free zone in Lagos, Nigeria, is proud to announce the arrival of Total's Egina massive FPSO vessel from South Korea, for the final integration of topside modules manufactured at the Free Zone.
This is the largest FPSO in Total's fleet, when operational Total's production from this field will increase Nigeria's daily production by 10% (200,000 barrels per day). This is a major achievement for Total, NNPC, LADOL and the Federal Government of Nigeria. This also shows that the government agencies directly involved at every stage of this development, such as the Nigerian Ports Authority, Nigerian Content Development Monitoring Board and the Nigerian Export and Processing Zones Authority are leading the way in Ease of Doing Business, including outlawing monopolistic practices and attracting private investment. In addition, the arrival of the FPSO marks the single largest local content achievement in Nigeria's history and a clear shift towards true industrialisation and job creation across the country.
LADOL's CEO, Dr. Amy Jadesimi, commented: “LADOL is focused on sustainably supporting the largest industrial projects in the world, and the arrival of this FPSO and its partial fabrication and integration at LADOL shows that the most complex manufacturing projects can be done in Nigeria.”
The short-term impact of the FPSO's arrival will include an exponential increase in local demand for manufacturing and integration. This increase in demand will transform the local employment landscape, generating approximately 50,000 new jobs across Nigeria.
This is taking place at a time when Nigeria's oil and gas sector is growing and international oil companies (IOCs) are moving into the deep-water offshore fields. For Nigerians to play a role in this expansion, there must be strategic facilities, such as LADOL, equipment and manpower that enable IOCs to engineer, fabricate and integrate in Nigeria.
Mr. Ibrahim Aliyu, an Executive Director of MCI, which has invested in the shipyard in LADOL, added: “With Total's support, we were able to build the largest shipyard in West Africa in LADOL, proving local content works. Nigeria now has the infrastructure and trained local labour necessary to build and maintain the largest offshore facilities and vessels. Facilities like LADOL make it economically attractive for IOCs to carry out projects locally. As the hub for the region, Nigeria will also offer its neighbouring countries a compelling value proposition, including local regional manufacturing, creating a more stable and prosperous West Africa”.
100% privately owned and Nigerian-led, LADOL has become one of the most strategically important infrastructure developments in Nigeria over the past ten years, as the oil and gas sector has sought to operate more sustainably, by localising more of its activities and returning more value to the domestic economy. As the largest privately developed port facility in West Africa, the arrival of this immense vessel is a milestone for LADOL, however it also signals the beginning of its wider vision for diverse economic growth supported by sustainable industrialisation in Africa.
Dr. Amy Jadesimi explains: “To date, local industrialisation has been inhibited by a lack of investment and suitable locations for such projects to take place; that changed today with the arrival of the Egina FPSO. By creating an industrial free zone that provides a protected, sustainable ecosystem, LADOL has positively disrupted the toughest industry in the world, creating greater prosperity for the IOCs and Nigeria in the process. LADOL is now focused on enabling the creation of similar facilities across the country as we cannot stand alone. We want to leverage the success seen today to attract more investment into Nigeria and encourage local and international companies to come and participate in the world's next big growth story.”
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