The Lagos State Government Monday formally inaugurated the state-owned oil company, Ibile Oil and Gas Corporation (IOGC) as a business arm of the state in the oil and gas industry, ThisDay reports.

Speaking at the formal inauguration of the company’s corporate head office in Lagos, the state Governor, Akinwunmi Ambode, said the initiative was another giant step in the determination of the state to leverage on the recently acquired status of an oil producing state in Nigeria. He said the company was set up to manage the downstream and upstream activities of the state and protect the interest of all stakeholders.

He said that Lagos State is at the threshold of witnessing a boost in economic growth and employment generation due to the Dangote refinery which is being constructed at the Lekki Free Trade Zone (LFTZ) and added that the investment will effectively complement the oil exploration activities of Yinka Folawiyo Petroleum and other oil exploration companies that will also operate in the Dahomey Basin in the future.

“This will complete the Lagos State oil and gas security tripod of exploration and logistics in the western axis, refining in the eastern axis and funding and exportation through the banks and the ports in the central axis,” Ambode explained. The governor said with the inauguration, Ibile Oil and Gas Corporation is being positioned to become a leading player in the oil and gas industry.