THE Managing Director, Lagos Deep Offshore Logistics base (LADOL), Dr. Amy Jadesimi has observed that Nigeria would evolve into the West and Central African sub regional oil and gas exploration hub in no time, if it entrenches a more competitive market and increases the public private partnership collaboration.
Amy Jadesimi made the observation at the just concluded week-long annual Offshore Technology Conference (OTC), which last week ended in Houston, United States of America (USA), during her presentation which centered on “Driving Economic Growth through Indigenous Private Sector Investment in Nigeria”.
While commending the Buhari government for frontally tackling corruption, which she noted had become a serious debilitating huddle for investors, Jadesimi also highlighted that more could be achieved if the authorities could reduce what she called the long contracting circle.
Pointing out that there are presently, easily identifiable hurdles, she urged for their removal, noting that if “the long contracting cycle, the foreign controlled private monopoly strangling the industry and the need for greater collaboration amongst Nigerians, in the public and private sector to create the hundreds of thousands of jobs that will be generated” are tackled, then the country would in no time get to the desired destination.
“With this huge market potential and strong fundamentals, Nigeria should naturally be the most attractive oil and gas investment destination in the world”, the LADOL boss stated further, stressing that “governance and macroeconomic factors are also in Nigeria’s favor.”
She maintained that the cost of reduction is another vital area that must be addressed, adding that the industry had maintained an expensive foreign controlled monopoly in the provision of oil and gas logistics in the past “that literally kill our chances of growing the market and attracting new investors.”
“Now, in this new era of real local content and with the absolute need to attract tens of billions in private investment, we are urging all stakeholders to come together and collaborate to grow the market. This will naturally create more work and good returns for all participants, both old and new” she said, pointing out that LADOL is currently playing a prominent role in the entire value chain.”
Recall that just in March this year President Buhari endorsed LADOL for taking a lead role in the implementation of Real Nigerian Content and for making strategic investments in critical infrastructure that has not only created thousands of jobs but also built a haven for International Oil Companies (IOCs) and their service providers in West Africa.