Maritime industry in line to exceed 30% GDP target – LADOL

Amidst the drive towards the diversification of the economy away from oil dependency, the maritime industry is working to account for over 30 per cent of the country’s gross domestic products (GDP), Vanguard reports.

The 30 per cent mark, which was the target of the ministry of transport translates into about USD15 billion at current rebased GDP of USD510 billion. Managing Director of Lagos Deep Off-Shore Logistics (LADOL), Dr. Amy Jadesimi, said that its operations were already in line to achieving this, combined with the input from other operators in the sector.

She disclosed that LADOL was at present building a Floating Production Storage Off-loading (FPSO) project for Total Oil’s Egina Field worth about USD15 billion dollars with foreign partners, Samsung of South Korea, injecting about USD3.8 billion. With this project on stream, the contracts worth over USD6.0 billion moved out of Nigeria with corresponding foreign exchange resources flowing out would now be domiciled in the economy, creating new jobs and accretion to GDP.

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