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Oil Crash Boosting Nigeria’s Local Services Industry, Ladol Says

  • Nigeria too costly for IOCs not to use local hubs: Jadesimi
  • Ladol will consider listing as it seeks to invest $500 million

The crash in oil prices is forcing offshore producers in Nigeria to turn to local service providers to save costs, according to the head of Ladol, one the West African nation’s largest logistics hubs for the industry.

Ladol, which owns an industrial free zone and shipyard opposite the main port in Lagos, Nigeria’s biggest city, has seen more interest from international oil companies that have traditionally opted to repair rigs and vessels in places as far away as Singapore, according to Amy Jadesimi, its chief executive officer. It is already used as the main hub for Yinka Folawiyo Petroleum Co. Ltd., a Nigerian company that operates the Aje field off Lagos’s coast, she said.