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Osinbajo commends Ladol, NPA for successful anchor of Egina Project

August 13, 2018 12:12 0 comments

.Says project is a testimonial of the ease of doing business in a liberalised environment

Acting President, Professor Yemi Osibanjo has stated that the successful anchor of the Egina FPSO is not just a celebration of local content across board, but also a resounding testimonial of the success of the Ease of Doing Business in respect of the Ports industry.

He made this statement during a presidential working visit to LADOL Offshore facility within the Lagos Ports Complex (LPC). Osinbajo, who represented the President and Commander-in-Chief of the Federal Republic of Nigeria, President Muhammadu Buhari also enjoined stakeholders within the industry to compete favourably whilst appreciating the facility.

“Excellent work has been done here and they would be sacrosanct industry to the Economic Recovery and Growth Plan (EGRP) of Government in the long run as would be evident in the Nation’s GDP in no distant time.”

He congratulated the Local Content Board for contributing effectively to bring the facility and project to fruition. The Vice-President also used the opportunity to enlist support of stakeholders in the Federal Government’s fight against corruption in order that we join the comity of nations free from corruption.

Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, said that the successful berthing of Egina is as a result of operational efficiency and very robust synergy between the NPA and LADOL including other stakeholders whilst reiterating that it is a testimony of enhanced capacity of the Authority to handle greater responsibilities in the sector.

She noted that the NPA-LADOL partnership had resulted in one of the single largest 100% private indigenous investments in the port industry.

“We recognize that the magnitude of this project presented NPA with the opportunity to, once again, showcase our unrelenting effort to build capacity to meet the needs of customers, across the board. We are grateful for this unique partnership and look forward to more of such,” she said.

Adding that “The success of the EGINA project has shown that the Ease of Doing Business and the Government’s anti-monopoly and level playing field policies have yielded great results.”

According to her, the multiplier effects of local content policy is evident in visible technological transfer, accrued revenue to the nation, as well as in employment creation, reduction in capital flight, attraction of hub status for the oil and gas sector in Nigeria amidst other cost saving attributes.

She encouraged other operators to emulate the investments made by Total, LADOL, Samsung Heavy Industries (SHI) adding that government venture into the provision of a level playing field through anti-monopoly policies which have yielded great dividends.

“We as a result, hereby encourage prospective investors to explore this and other opportunities that the reforms of our operations has engendered benefits as we assure of NPA’s willingness to facilitate these ventures. We must however advise business organizations to ensure strict compliance with the country’s statutory rules and regulations,” she enjoined.

Usman appreciated unflinching support accorded the NPA Management, LADOL and other stakeholders in this respect stressing that the Egina project is a statement by Government that the quest for hub status is real just like she stated that “industrialization is real and that private indigenous companies are able to thrive and support international projects and investors.”

Recall, on the 24th of January, 2018, history was made when the NPA successfully handled the berthing of the Egina FPSO, with a length over all (LOA) of 330 meters, width of 63 meters and a Gross Tonnage (GT) of 219,800 tons, making it the largest vessel to be ever handled by Nigeria.

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