Dangote Industries’ Executive Director, Mr. Devakumar Edwin, said that the recent discovery of oil in Lagos State in commercial quantity is a good sign for the development of the oil and gas industry in the country, Punch Nigeria reported.

Edwin added that Dangote Refinery and Petrochemical would be more than willing to work with the state and the Federal Government in ensuring that oil production from Lagos would add value to the economy of the state and the nation at large. He concluded that, although it is in its early phase, the Badagry oil find will be a lot more attractive when prices begin to rise at the international oil market, according to The Nation.

In May, the Lagos State Governor, Akinwunmi Ambode, declared that Lagos has officially joined the League of Oil Producing States in Nigeria following the discovery of crude oil by Yinka Folawiyo Petroleum Company Limited in Badagry, Lagos, informed Premium Times.  At the time of the announcement, the oil well was reported to have the capacity to produce at least 12,000b/d of crude, with a possibility to increase to 25,000 – 50,000b/d.