LADOL MD: American banks funded rail construction, ours should do same

Amy Jadesimi, managing director, Lagos Deep Offshore Logistics Base (LADOL), has advised Nigerian banks to support long-term projects to help develop the country’s infrastructure.

In an interview with BusinessDay, Jadesimi faulted the decision of banks financing the importation of petroleum products.

“Infrastructure development requires long-time financing, which was almost impossible to come by in Nigeria over the past decade and half that we have been in business,” she said.

“Financing has been the biggest challenge and we challenge our banking sector to do a better job in supporting long-term projects because that is what the banking sector is for.

“American banks financed the building of the railway, the ports and that ‘empire country’. Our banking sector is currently financing short-term loan to import petroleum products and that is not correct.”

Jadesimi said banks are not willing to fund vessel acquisition.

“With an estimated 7 percent GDP growth per year, building strategy infrastructure in Nigeria is not a-nice-to-have but a-must-have,” she said.

“We in the private sector should be looking for a way to make long-term investment in strategic infrastructure by demonstrating our capability to developing infrastructure that would enable us to do manufacturing, textile, agriculture, build bridges, hospital, railway tracks and among other others in Nigeria.

“Nigerian commercial banks are not helping matters in terms of funding vessel acquisition. They supposed to provide the fund for such venture.

“Shipping business is a long-term project but our banks want to make returns in a short-term investment, but shipping is not like that.”