President Muhammadu Buhari has identified the
unique contribution of the Lagos Deep Offshore
Logistics base (LADOL) as one of the strategic
investments in the country that currently drives the
nation’s economy.
Buhari made the statement when he opened
proceedings at the sixth African Petroleum
Congress and Exhibition (CAPE VI) in Abuja
organised by the African Petroleum Producers
Association (APPA).
The President, who was represented at the event
by Vice President Yemi Osinbajo (SAN), identified
LADOL, which has invested over $600million in
private investment, as one of the companies that
currently adding the most value to the Nigerian
economy through their ingenious investments.
This is coming as the Managing Director of LADOL,
Dr. Amy Jadesimi, outlines plans to further attract
$5billion investments into the country through the
LADOL Industrial Free Zone located in Lagos within
the next few years.
Dr. Jadesimi gave the indication, Thursday, while
delivering a presentation at the event under the
topic: Driving Economic Growth Through Local
Private Sector Investments in Nigeria.
She noted that given the spate of growth at the
zone, “the success of LADOL has attracted new
investors to Nigeria who partner with credible
Nigerian investors leading to the creation of dozens
of similar facilities”.
She noted that in 2010 alone, 130 oil rigs were
towed from West Africa past the tip of Africa across
the Indian Ocean to the Far East for repair adding
that “with LADOL and similar facilities now on
ground, more of such ventures would be done in
Nigeria.“
While lauding the efforts of the indigenous
organization in building economic growth, the
President similarly gave accolades to Samsung
Heavy Industries (SHI), which is currently building
one of the world’s largest oil platforms at the
LADOL base in Tarkwa Bay, Lagos.
The LADOL/SHI project commonly referred to as
Egina Floating Production Storage and Offloading
(FPSO) platform valued at $3.8billion, is said to be
first of its kind to be built in the sub-Saharan
Africa.
According to the President who urged other
investors to emulate the LADOL example, African
countries should develop ingenious ways of
promoting value addition and investments through
sustainable policies in local content.
Reports indicates that through the LADOL/SHI
FPSO project, the industry has been boosted with
5,000 direct jobs and 0ver 50,000 indirect
employments by leveraging on the Local Content
Act 2010.
Appraising the local content achievements of the
organization, the President noted that, “A common
approach to local content will ensure that the
whole of Africa benefits from economies of scale
associated with our vast resources.”
President Buhari noted further that ongoing mega
projects like the LADOL/SHI Oil Platform; the
General Electric service centre for manufacturing
rotating equipment in Calabar; and the Dangote
Refinery in Lagos are some of the most strategic
investment to an emancipated African economy.
The President who described LADOL industrial free
zone in Lagos – a wholly indigenous, privately
developed and hosting the largest shipyard in West
Africa allied with the Samsung FPSO integration
yard at the base, said the joint venture will aid
Nigeria’s quest for her pride of place as a leading
world economy.
The President stressed that the continent must
recognize that the development of domestic
refining capacity in the oil and gas sector would
remain critical to sustainable economic growth. He
also noted that Nigeria, which recently announced
a new timeline to end gas flaring at her oil fields,
was on course to see this out.

http://www.vanguardngr.com/2016/03/buhari-names-ladol-one-strategic-investors-nigeria/

Ofemannnu:
President Muhammadu Buhari has identified the
unique contribution of the Lagos Deep Offshore
Logistics base (LADOL) as one of the strategic
investments in the country that currently drives the
nation’s economy.
Buhari made the statement when he opened
proceedings at the sixth African Petroleum
Congress and Exhibition (CAPE VI) in Abuja
organised by the African Petroleum Producers
Association (APPA).
The President, who was represented at the event
by Vice President Yemi Osinbajo (SAN), identified
LADOL, which has invested over $600million in
private investment, as one of the companies that
currently adding the most value to the Nigerian
economy through their ingenious investments.
This is coming as the Managing Director of LADOL,
Dr. Amy Jadesimi, outlines plans to further attract
$5billion investments into the country through the
LADOL Industrial Free Zone located in Lagos within
the next few years.
Dr. Jadesimi gave the indication, Thursday, while
delivering a presentation at the event under the
topic: Driving Economic Growth Through Local
Private Sector Investments in Nigeria.
She noted that given the spate of growth at the
zone, “the success of LADOL has attracted new
investors to Nigeria who partner with credible
Nigerian investors leading to the creation of dozens
of similar facilities”.
She noted that in 2010 alone, 130 oil rigs were
towed from West Africa past the tip of Africa across
the Indian Ocean to the Far East for repair adding
that “with LADOL and similar facilities now on
ground, more of such ventures would be done in
Nigeria.“
While lauding the efforts of the indigenous
organization in building economic growth, the
President similarly gave accolades to Samsung
Heavy Industries (SHI), which is currently building
one of the world’s largest oil platforms at the
LADOL base in Tarkwa Bay, Lagos.
The LADOL/SHI project commonly referred to as
Egina Floating Production Storage and Offloading
(FPSO) platform valued at $3.8billion, is said to be
first of its kind to be built in the sub-Saharan
Africa.
According to the President who urged other
investors to emulate the LADOL example, African
countries should develop ingenious ways of
promoting value addition and investments through
sustainable policies in local content.
Reports indicates that through the LADOL/SHI
FPSO project, the industry has been boosted with
5,000 direct jobs and 0ver 50,000 indirect
employments by leveraging on the Local Content
Act 2010.
Appraising the local content achievements of the
organization, the President noted that, “A common
approach to local content will ensure that the
whole of Africa benefits from economies of scale
associated with our vast resources.”
President Buhari noted further that ongoing mega
projects like the LADOL/SHI Oil Platform; the
General Electric service centre for manufacturing
rotating equipment in Calabar; and the Dangote
Refinery in Lagos are some of the most strategic
investment to an emancipated African economy.
The President who described LADOL industrial free
zone in Lagos – a wholly indigenous, privately
developed and hosting the largest shipyard in West
Africa allied with the Samsung FPSO integration
yard at the base, said the joint venture will aid
Nigeria’s quest for her pride of place as a leading
world economy.
The President stressed that the continent must
recognize that the development of domestic
refining capacity in the oil and gas sector would
remain critical to sustainable economic growth. He
also noted that Nigeria, which recently announced
a new timeline to end gas flaring at her oil fields,
was on course to see this out.

http://www.vanguardngr.com/2016/03/buhari-names-ladol-one-strategic-investors-nigeria/

I SAW THIS AS A THREAD AND I THINK IT IS AN ATTESTATION TO THE FACT THAT LAGOS IS THE 6TH LARGEST ECONOMY IN AFRICA:


Lagos Global, Taxation And Lagos Economy
Tayo Ogunbiyi
Governor Akinwunmi Ambode of Lagos State
Lagos, no doubt, has enormous potential for
economic growth. Despite not being an oil
producing state, it remains one of the few states in
the country that is self sustaining. Its growing
economy derives its strength from commercial and
financial activities. Lagos accounts for 20.2
percent of Nigeria’s nominal Gross Domestic
Product (GDP) and 50.7 percent of non oil GDP as
well as being home to about 2,000 industrial
complexes, 10,000 commercial ventures and 22
industrial estates. Aside this, Lagos alone
consumes about 45 percent of petroleum products
in the country.
It is in order to effectively leverage on the
potentials of the Lagos economy for optimal
efficacy that the state Governor, Mr. Akinwunmi
Ambode, made the establishment of the Office of
Overseas Affairs and Investment, generally known
as Lagos Global, one of his earliest tasks. The
office, which was set up to help achieve the vision
of Lagos State as Africa’s Model Megacity and
Global Economic and Financial Hub that is safe,
secure, functional and productive, is designed to
be a one-stop shop for foreign investors. Drivers
of the Lagos Global initiative, are to, among others,
initiate, formulate and evaluate policies relating to
the promotion of inward and outward investments,
liaise with embassies, chambers of commerce,
ministries and agencies on foreign relations,
promote state export potentials, facilitate foreign
direct investment and inter-ECOWAS/African Union
commerce and trade as well as facilitate export
promotion, fairs and exhibitions to showcase the
economic potentials of Lagos.
Since inception, Lagos Global has been providing a
boost for investment drive as well as the general
growth of the state’s economy. Recently, German
manufacturing firm, the Knauf Group International,
expressed its readiness to commence work on a
N14 billion manufacturing firm in the state. This
came to fore when the German Ambassador,
Michael Zenner, led a group of German diplomats
and investors on a courtesy visit to Governor
Akinwunmi Ambode. Other local and international
investors have since been signifying their interests
in doing business in Lagos. In recent time, the
state government has played host to investors
from Dubai, United States of America, Namibia,
Middle East, Europe as well as our own Dangote
Group of Companies. With the state already having
various investments commitment in the region of
about N500 billion from both local and foreign
interests, it is safe to affirm that Lagos would
surmount the present global economic downturn.
It is, however, important to stress that it is in
entrenching the right culture of taxation that the
Lagos’ economy could essentially thrive better. All
over the world, governments rely on taxes paid by
the citizens to finance their activities. Revenue
accrued from tax is used to provide jobs, upgrade
public infrastructure and provide medical care
among others. Taxation helps in maintaining the
stability of any country’s economy. The
significance of taxation to the development of any
economy cannot be over stressed as it is a major
tool for socio-economic advancement. In Lagos
State, it is rather regrettable that only about 3
million Lagos residents out of a taxable adult
population of about 8 million that pays their taxes.
The reality of this development is that only 3
million people bear the burden of over 20 million
Lagosians. It is crucial to stress that, with
dwindling oil revenue, the only way forward for a
growing mega city like Lagos, where peoples’
expectations of government are always high, is to
establish an efficient system of taxation.
This is why the recent announcement that the state
government had widened its tax net to include
more groups and individuals is a welcome one.
Accordingly, the state government has started the
process of overhauling the informal sector with a
view to ensuring voluntary compliance by all tax
payers. Towards this end, three categories of tax
payers, namely market men/women, artisans,
micro, small and medium-scale enterprises and
domestic staff had been classified in the sector.
They are expected to remit one per cent of their
earnings to government’s coffers.
To ensure optimal success of the new tax system,
in addition to the traditional bank portal, new
payment platforms, including POS, online and
other electronics multi-modal system had been
introduced to make it easier for residents to remit
their taxes. Similarly, a review of the tax Form A of
the Personal Income Tax Act had also been carried
out while the guide notes are to be translated into
more indigenous languages and pidgin for effective
understanding. In order to guard against
corruption among State’s Tax Officers, stringent
disciplinary measures have been put in place.
Being a melting pot of people from diverse parts of
the world as well as the commercial and economic
hub of West Africa, Lagos has peculiar
infrastructure needs. There is, perhaps, no other
state in the country that contends with as much
pressure on its infrastructure as Lagos. The
financial force required to promote Lagos
infrastructure to the standard of developed mega
cities of the world is, undoubtedly, enormous. This
is why taxable Lagos residents must partner with
the state government through prompt and
voluntary payment of taxes in order to attain the
Lagos of our collective dream. This is the path that
is toed by all advanced democracies of the world.
This is the only way for Lagos to achieve a stable
and prosperous economy. This is the right thing to
do.
http://www.pmnewsnigeria.com/2016/03/16/
lagos-global-taxation-and-lagos-economy/