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Minister intervenes in LADOL, Africoat licence tussle

Minister of Industry, Trade and Investment, Hajia Aisha Abubakar

The Minister of State, Industry, Trade and Investment, Hajiya Aisha Abubakar, has intervened and successfully resolved the issues raised by Africoat Free Zone Enterprise with Lagos Deep Offshore Logistic Base (LADOL) relating to licensing.

The Guardian, yesterday, gathered from government sources that the intervention by the minister has restored sanity in the polity, with both parties showing renewed interests to achieve more feats business-wise.

It was also gathered from a top officer at the Ministry that Africoat’s licence to operate in LADOL Free Zone has been restored.

It will be recalled that in November 27, 2018, it was reported that LADOL allegedly evicted Africoat Nigeria Limited from the zone.

The Nigerian and expatriate personnel of Africoat is made up entirely of ex-employees of Bredero Shaw with expertise in worldwide pipe-coating operations.
Africoat purchased a complete corrosion and concrete weight coating plants from Korindo in Indonesia in 2012, packaged for freight and shipped to Nigeria by charter vessel directly to LADOL, where it established a warehouse for pipe-coating operations.
Abubakar recently stressed the need for Nigeria to attract more investors into the country given the vast opportunities in Nigeria, and the intention of the current government to make the country an investment haven.

To further enhance trade facilitation, the Federal Government, through the ministry, had announced intentions to unveil revised incentives for investors as part of holistic framework towards removing bottlenecks affecting trade in the country.

Abubakar also explained that to support Micro Small and Medium Enterprises (MSMEs), a review of the National Enterprise Development document has been concluded by Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

She had stated that any plan for the diversification of the Nigerian economy must be strategic and integrated to include economic and revenue diversification, export promotion, import substitution and job creation through innovative use of local content.
Nigeria’s Ministry of Industry, Trade and Investment had in the first quarter of this year unveiled the first edition of its Nigerian Annual Trade Policy Report (NATPOR).

NATPOR, which is a yearly documentation of the trade and associated policies, particularly investment of the federal government, is expected to serve as a driver for modernisation, diversification, growth, development and job creation in the country.
The move to reconcile Africoat and LADOL is said to be part of the moves to promote trade and investments in Nigeria; thus bettering the economy.

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