The dispute resolution between Ladol and Samsung has paved the way for opportunities of about $300 billion foreign direct investment into Nigeria.
The Managing Director, Nigeria Export Processing Zone Authority ( NEPZA), Prof. Adesoji Adesugba stated this in Abuja after a resolution with industry leaders during a Memorandum of Understanding (MoU) between Ladol and Samsung after almost five years of confrontation and disagreements.
He said as a result of the MOU , several Korean companies are reported to be making plans to enter Nigerian market in several sectors. More specifically , the MOU raised investors’ confidence in Nigeria.
Several companies from South Korea and South East Asia were surprised that Nigeria can applied ADR and resolved an intractable operational despite between Samsung , a South Korean giant and Ladol , a Nigerian free zone operator.
The dispute over Land Lease between the Lagos Deep Offshore Logistics (LADOL) Group, an indigenous firm, and Samsung Heavy Industries (SHI), a Korean firm, started in 2018 with the Nigeria Port Authority’s purported unilateral revocation of the Presidential 25-year lease approval granted to Ladol and replacing it with a Direct Lease in 2019.
The NPA by this action claimed to have taken a portion of land from Ladol and leased to Samsung.
