LADOL Wins fDi Magazine Global Free Zone Award
The Lagos Deep Offshore Logistics (LADOL) Free Zone, a high-value sustainable industrial free zone in Nigeria, has emerged top winner in the fDi Magazine’s Global Free Zone of the Year Awards 2017.
fDi Magazine is a Financial Times publication that investigates all issues of concern to foreign investors expanding into new markets. fDi’s ‘Global Free Zones of the Year Awards 2017’ surveys the core growth of free zones with regards to companies operating onsite and the total increase in square feet over the last 12 months. The panel of independent judges also consider the key initiatives available within the free zones and the implementation of new facilities and services for the benefit of their tenants.
LADOL emerged the ‘Free Zone of the Year for Large Tenants’ as well as being named the premier destination for ‘Education and Training’. It is also highly commended with second place in the ‘Free Zone of the Year’ award for Africa. Recognised for the third consecutive year among more than 60 applicants, LADOL’s development is providing a blueprint for private sector led sustainable industrialisation in West Africa and beyond.
The CEO of LADOL, Dr Amy Jadesimi, while commenting on the awards said: “LADOL and its partners have been investing for over 16 years in creating sustainable infrastructure that can support large-scale industrialisation in Nigeria. The growth we’ve achieved against sometimes seemingly insurmountable odds makes receiving these prestigious awards from fDi Magazine particularly special. We continue to look ahead for infrastructure development opportunities that will support the next generation of Nigerian and international companies, helping diversify the local marketplace and drive growth to 2030.”
Established in 2001 from disused swampland in Lagos, LADOL has attracted over $500 million of private investment to date. The fully integrated deep offshore logistics base is the first of its kind in Nigeria and home to the largest ship yard in West Africa. The transformative industrial infrastructure at LADOL has strengthened local supply chains and halved the costs of deep offshore petroleum operations, returning more value to the national economy. Total’s Egina FPSO will be partially integrated and completed at LADOL in 2018, marking a major milestone in the development of Nigeria’s advanced engineering capacity and local content development.”
Jadesimi added: “Essential to LADOL’s blueprint for sustainable industrialisation is job creation. Approximately 2,000 jobs have been directly established at the Free Zone, with the potential to create a further 50,000 through the multiplier effect the development of the Free Zone will have on the creation of ancillary businesses. Also breaking ground in 2018 is LADOL’s Upskilling Academy, which aims to equip more of Nigeria’s young people with the education they need to bridge the productivity and skills gaps that exist in high-growth, low-income countries like Nigeria.