According to Amy Jadesimi, CEO of LADOL, the crash in oil prices is forcing offshore producers in Nigeria to turn to local service providers to save costs.
“There’s no way IOCs can afford to do business in Nigeria unless they get their offshore support from Lagos,” Ami Jadesimi said in a recent interview in with Bloomberg in New York. “Return on investment in Nigeria is half what it is in Brazil, half what it is in the North Sea. That’s because the cost is too high. What will unlock more investment is producers lowering their cost of doing business”.