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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.

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