Stakeholders at the Lagos Free Zone have canvassed efficiency and best practices to attract more investors.
They said the provisions would further boost the country’s revenue and develop its macro-economy.
According to the Managing Director of LADOL, Dr. Amy Jadesimi, the zone has positioned Nigeria as the hub for fabrication and integration activities in Africa.
He stressed that it is currently hosting fabrication and integration facilities, as well as a Quay Wall, which was developed by Samsung Heavy Industry Nigeria Limited; a majority-owned subsidiary enterprise in the free zone-SHI-MCI FZE.
Jadesimi said the facility is meant for the fabrication and integration of $3.3 billion Egina Floating Production Storage Offloading (FPSO) unit that was built by SHI in Korea.
In addition to the $300 million invested in the zone by Samsung, the utilisation of the investment for the Egina Project is estimated to have created over 2000 direct jobs.
Oil and gas industry operators, who are stakeholders in the asset, had raised concern over what they alleged to be high cost of operations imposed by LADOL free zone.
According to them, the current high charges in the zone would render the facilities uncompetitive to the oil and gas industry, and other potential investors.
Samsung had alleged that it was being denied the renewal of the SHI-MCI’s Free Zone operating licence for the statutory one year without any valid basis.
The free zone licence, in line with the Nigerian Export Processing Zone Authority (NEPZA) Act, is to be renewed yearly by licenced enterprise on the payment of certain fees.
LADOL, through one of its media consultants, declined to comment on the issue, disclosing that Samsung had already taken the matter to court.
The investors had expressed concern about the one per cent Free on Board (FOB) levy on the Egina FPSO after the non-renewal of their licence.
But, LADOL refuted in an advertorial that the charge was statutory, even as its subsidiary company, Global Resources Free Zone Management Company (GRMFZC) has been at the centre of allegations by some investors in the zone.