NPA certifies LADOL’s vessel integration facility as a huge forex earner

The newly constituted board of the Nigerian Ports Authority (NPA), who were on assessment visit to the project site of the ongoing $3.8 billion Floating, Production, Storage and Offloading (FPSO) at the Lagos Deep Offshore Logistics base (LADOL) at the weekend, has endorsed the facility as one that is capable of helping the Federal Government to reduce the scarcity of foreign exchange.

LADOL base, which is a 100 percent indigenous-owned facility, is currently playing host to the integration yard of FPSO oil platform, otherwise known as Egina, and being built in partnership with Samsung Heavy Industry (SHI) for Total Oil Company.

Describing LADOL as a huge investment that can create thousands of jobs as well as revenue for the economy, Emukowhate Charles, one of the NPA directors, said the facility has the capacity to play critical role in helping the Federal Government curtail the lingering scarcity of foreign exchange that is taking toll on the nation’s economy.

“We are impressed by what we have seen here and it shows that there is hope for this country. The fact that LADOL has a facility (the only one of such in Africa) that is capable of becoming a huge foreign exchange earner for the country makes it a win-win situation for all. The President needs people and organisations that can generate forex at this critical time and you are one of them, hence we must make sure that what we have seen here goes directly to the table of Mr. President,” said Charles.

Responding to the earlier calls made by the LADOL boss, Emmanuel Adesoye Olajide, chairman of the board, who described LADOL as a unique organisation, assured that the board would do all that was necessary to ensure a level playing field for all operators in the logistics service sub-sector of the maritime and oil and gas industries.

According to the chairman, only a healthy competition would guarantee efficient service delivery in the industry. He pointed out that NPA was concerned about reducing costs, hence it would convene a stakeholders’ dialogue to address all the lingering issues that can hinder growth.

“As NPA, we are much concerned about the need to reduce cost in order to attract more foreign investors into the system such that can impact on the revenue of NPA and the Federal Government,” Olajide said.

Throwing more light on the evolution of the Egina FPSO project at the base, which is a contract awarded by TOTAL oil company, Jadesimi said the multinational oil company takes the issue of safety very seriously hence “together with TOTAL and Samsung Heavy Industries, we undertook five different simulations to show that the vessel can safely come into Nigeria and can berth at LADOL.

“TOTAL had once considered the idea of hosting it at Port Harcourt, but it was considered too risky. Bringing the FPSO down through the Bonny Channels was simply considered too risky, but easily achievable in taking it into Lagos. They tried it in Angola, but the company refused because the risk is too much.

“We want more companies like Nigerdock to flourish. We need more of stakeholders’ collaboration by sitting at a round table to engage in healthy collaboration and move the economy forward,” she added.

Uzoamaka Anagor-Ewuzie