MD LADOL convinced only indigenous coys can build businesses to impact Africa's economic growth

MD LADOL (Dr. Amy Jadesimi) and Hon. Arkebe Oqubay (Senior Minister and Special Adviser to the Ethiopian Prime Minister, Ethiopia) speaking at OECD Africa Forum

Managing Director of the Lagos Deep Offshore Base (LADOL), Amy Jadesimi, has spoken on reasons she is convinced only indigenous companies have the staying power and passion to build new businesses over ten to twenty years in Africa.
Jadesimi spoke in Madrid, Spain, weekend, at the 19th edition of the International Economic Forum on Africa, with the theme “African Integration: Investing in our common future.”

Speaking of LADOL as a model for new economic diversification, Jadesimi disclosed that her company had been leveraging revenues from servicing the petroleum sector, with plans to complete the development of the remaining part of the zone as an entirely sustainable ecosystem and circular economy.

According to Jadesimi, LADOL has spent the last three years perfecting that master plan, which it is now rolling out.

She said that the development highlighted the importance of supporting real private sector indigenous companies, because as she had earlier mentioned, only indigenous companies would have the passion and power to build the businesses that would impact the economies of the African continent.

The LADOL MD also noted that 80% of the 680 million new jobs the world needs would be created by Small and Medium Enterprises and larger indigenous companies such as LADOL.

She said: “This means it is imperative that development finance institutions (DFIs) and other investors in Africa directly fund private companies in Africa.

“To date, the vast majority of funds have gone through intermediaries, with most of the direct funding going to multinationals operating in Africa – this has to change if we want to build a sustainable world and maximise returns to investors.”

“LADOL is the largest 100% private, 100% indigenous industrial special economic zone in Nigeria. Over the last 18 years the investors have attracted USD 500 million into the Zone, transforming a disused swamp into a world class integrated logistics base and the largest fabrication and integration Yard in West Africa, with the highest lifting capacity in Africa.

“At LADOL we focus on tackling high value activities, taking on projects that have never been done in Nigeria before – this opens up the market and has a multiplier effect on job creation of between 5 to 10, i.e. for every 1 job created in LADOL, 5 to 10 are created outside LADOL.”

Jadesimi was joined on the panel by Arkebe Oqubay (Senior Minister and Special Adviser to the Ethiopian Prime Minister, Ethiopia), Jong-Dae Park (Ambassador of the Republic of Korea in the Republic of South Africa), Felix Fernández-Shaw (Director Development and International Co-operation, EU) and the moderator was María Teresa Fernández De La Vega (Chair, Women’s foundation for Africa).  

The dialogues throughout the day built on the findings of the Africa’s Development Dynamics 2019: Achieving Productive Transformation Report, which is the first economic report produced by the African Union Commission, in collaboration with the Development Centre.

The Forum was organised by the OECD Development Centre and the African Union Commission, in collaboration with Casa Árabe, Casa África and the Spanish Ministry of Foreign Affairs, European Union and Cooperation.