Done Deal! Lagos Is Officially An Oil Producing State


Lagos State is now officially counted as an the Oil Producing State in Nigeria following the discovery of crude oil by Yinka Folawiyo Petroleum Company Limited in Badagry.

The declaration was made by the state Governor Akinwunmi Ambode on Monday when the company’s management led by the Group Managing Director, Mr. Yinka Folawiyo paid him a coursey visit at the Lagos House, Ikeja. He commended the firm for their persistence to achieve a feat which gulped 25 years of hard work, stating that by the provision of Section 162 Sub-Section 2 of the Nigeria Constitution, Lagos has become an oil producing State.

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In an open statement, the Governor said:

“I want to thank you very much for this and I say it with all conviction because I know that based on section 162 Sub-Section 2 of the Nigeria Constitution, Lagos becomes an oil producing state and by virtue of this, the 13 percent derivation that is due to oil producing states, Lagos will start to partake from it by your very good gesture. So we  officially declare Lagos State as an oil producing state, we also notify the Federal Government by this action that we would be sharing out of the 13 percent derivation. So all we need do is to apply and then we join.”

“It also means that by the additional revenue that is coming from this action, we would have more resources to provide infrastructure for Lagosians and this is what we want other investors and businessmen to emulate, so that beyond the issue of profit, you are actually creating an impact on people without them necessarily knowing that it is actually coming from a venture like this that you have embarked on,” he said.

“I want to commend what you have done; it’s a sign that you believe so much in Lagos State. I want to congratulate you; I want to showcase you as a very good example of a dogged entrepreneur, as someone who believes in Nigeria because that’s what you epitomize here.

“The Federal Government has always said that we all need to look back inwards and start to do things for ourselves. Spending 25 years to be able to get to this stage and get something productive shows a lot about your belief, tenacity and doggedness and I want to recommend you to every other Nigerian investor that there is still greater hope for Nigeria and with the likes of you, I don’t see any reason why any Nigerian needs to be afraid because you have just shown by this indigenous discovery that anything is possible in Nigeria.

“This discovery is by a 100 per cent indigenous firm and at times like this when we are experiencing dwindling revenue from different areas of our economy; at times like this when foreign exchange is highly turbulent, it gives one great hope that the future prosperity of Nigeria is assured and is secured by transactions like this,” Governor Ambode said.

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The Governor laid emphasis on the implication of the historic discovery to Lagos;

“I will like to let you know that we have three senatorial zones in Lagos; from the Lagos West axis, we have crude oil coming out of it, from the Lagos East axis, we have the petrochemical refinery factory coming from the Lagos Free Trade Zone by the Dangote Group which will come on board by 2018 and from the Lagos Central axis, it’s the financial district of Nigeria. For Lagos, it’s designed for prosperity and to complement every achievement that is being recorded.

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