In a development that both the Chairman and founder Chief Oladipo Jadesimi and Managing Director Dr. Amy Jadesimi described as “game-changing”, LADOL and Samsung broke ground on a $300m state-of-the-art facility, Africa’s first and largest vessel fabrication and integration facility.

It was groundbreaking for the Nigerian petroleum industry in more ways than one, according to Dr Jadesimi. The wealth and income created for the country is no longer contained solely in the oil itself, but in the world class services around the extraction of it.

“It shows that for the first time Nigeria is seriously entering the lucrative upsteam oil and gas development value chain.”

“This represents a real opportunity for Nigeria to earn as many oil and gas dollars from its engineering, services and manufacturing as it does from oil and gas exports. As these activities have greater capacity for job creation, it will inevitably lead to sustained economic growth and poverty reduction.”

More reaction to follow.