Group Executive Director of Dangote Industries Limited Mr. Devakumar Edwin, expressed happiness at the discovery of oil in commercial quantities in Lagos State. According to him, the discovery brings several benefits to the state and the company.
“We are very happy at the discovery of oil in Lagos. It is indeed a good and welcome development for us as a company. It will accelerate the growth level of the state and also be of immense benefits to the residents and the country at large.” he mentioned during a visit by the League of African Development Students (LEADS).
Some of the advantages that he noted the state would enjoy include status as an oil-producing state and accessing part of the derivation fund which would result in adding value to the economy of the state and the country as a whole.
As for the Dangote Group, Edwin said that the discovery of oil in the state would further cement the relationship between the state and the company especially with the Dangote refinery which is situated in Ibeju-Lekki. He said although crude oil prices have dropped leading to reduced interest in the sector, there was still room for development in the oil and gas industry, with the promise of mega rewards when oil prices eventually rise.
“The crash in the global crude oil price is not making it attractive to invest and make a sustainable investment. No attractive investments in deep water, but perhaps shallow waters. Oil majors are cutting down on their investments, and also retrenching, I will be surprised if people go in fast into Badagry. But, by and large, it is a welcome find, for when the prices begin to rise, we will begin to reap the benefit.”
Parts of this article originally appeared in Guardian Newspapers.