Buhari calls for increased Korean investment in Nigeria; pledges improved business environment
President Muhammadu Buhari Wednesday in Seoul, invited top Korean business executives to increase their investments in Nigeria, while his Administration would continue to make determined efforts to improve the enabling domestic environment for businesses to flourish.
Speaking during an audience he granted representatives of strategic Korean companies and industries on the sidelines of the World Bio Summit 2022 in the Republic of Korea capital, the President declared that “Nigeria remains committed to creating a stable and enabling business environment for foreign investors through the formulation of sound economic policies and improved governance,” adding that “the security forces have been working assiduously with local communities to ensure the security of lives and properties of Nigerians and foreign investors.”
According to him, “Our administration, has prioritized Power infrastructure under the Presidential Power Initiative. In this regard, Nigeria has procured modern power equipment which was inaugurated in September 2022 as part of the phased project to generate 25,000 megawatts of electricity by 2025. Furthermore, to ensure ease in clearing of cargo, giant strides have been digitalised of the processes in our Sea-Parts as well as airports.”
Making a case for the country as investment friendly and choice destination, President Buhari further highlighted that, “With a nominal GDP of 431.97 billion USD, Nigeria’s economy remains the largest in Africa with vast human capital and natural resources. The steady improvement from the global economic downturn of 2020 indicates that the Nigerian economy is on firm path of recovery. I implore you therefore, to take advantage of the many investment opportunities in Nigeria, especially in the areas of Oil and Gas, Trade, Manufacturing, ICT, Creative Industry and Culture exchange. It is worthy of emphasis to underscore that the business environment in Nigeria offers low corporate tax regime/ VAT rates, flexible labour market conditions and simple procedures for establishing businesses.”
Acknowledging some significant investments by Korean companies in Nigeria in the fields of construction or heavy duty industries, ICT and electronics as well as chemical production estimated as at 2021 at no fewer than twenty registered companies in Nigeria, among which are the Samsung, Deawoo and Hyundai Heavy Duty Industries as well as the LG and Samsung electronics and the Lotte Chemical industry, the Nigerian President expressed delight that these “companies have continued to contribute immensely to the growth of the Nigerian GDP and have created job opportunities in the country.”
According to him, “I look forward to increased investments by Korean private companies in Nigeria as we resolve the issues of enabling relevant agreements such as Investment Promotion and Avoidance of Double Taxation between our two countries.”
The Nigerian leader hoped that his engagements with Korean economic operators in priority areas would be mutually beneficial to both countries and their peoples.
Among Captains of Industry that made remarks at the event were; Byung-Kwan KIM, Chairman Korean Importers Association, Mr Sam Ka, CEO Korea Ship Building and Offshore Engineering, Mr Seung Il Chow, Chief Operating Officer of Daewoo Engineering and Construction, Mr Jaycee Jung, President/CEO, Samsung Heavy Industries, and Sang Ho Shiu, CEO, Kelon Group.
Speaking from the Nigerian end were Chief Ladi Jadesinmi, Chairman LADOL, Mallam Mele Kyari, Group CEO, NNPC Ltd, and Alhaji Bashir Yusuf Jamo, DG, NIMASA.
Also, President Muhammadu Buhari Wednesday in Seoul, expressed Nigeria’s desire to widen the scope of trade relations with the Republic of Korea beyond gas exports.
Speaking during a bilateral meeting with his Korean counterpart, Mr. Yoon Suk-Yeol at the Presidential Palace on the sidelines of the First World Bio Summit, the President called for expansion from the long-term gas contract to other areas.
On piracy in the Gulf of Guinea to which Korean ships had fallen victim, President Buhari noted that the level of attacks had decreased considerably over the last one year due to the provision of equipment to the Nigerian Navy and Nigerian Maritime Administration and Safety Agency (NIMASA) by the Nigerian government, while also commending the Korean government for the supply of a vessel to the Navy.
In this respect, the Nigerian leader said he looked forward to enhanced defence and security cooperation with the Republic of Korea.
The President, who thanked his Korean counterpart for inviting him to address the World Bio Summit, also appreciated him for expressing sympathy with Nigerians on the flood disaster.
Earlier, President Suk-Yeol had sympathized with President Buhari over the massive havoc and human losses caused by flood in his country.
He described Nigeria as Africa’s largest economy and cultural powerhouse that produces huge number of films, expressing confidence that Nigeria’s economic and cultural capabilities will contribute significantly to exchanges and cooperation between both countries.
Both leaders also discussed the need for cooperation at the multilateral level, particularly at the United Nations with South Korea indicating interest to vie for a seat on the Security Council in 2024 and seeking Nigeria’s support. Similarly, the Korean leader sought Nigeria’s support for her country’s plan to host the 2030 EXPO.
The issue of peace on the Korean Peninsula, demilitarization and denuclearization of the region also featured in the bilateral talks.
.WELCOMES ELECTION OF NIGERIA’S OWODUNNI TO CANADIAN CITY, CALLS HIM “NATION’S BRAND AMBASSADOR”
President Muhammadu Buhari has praised the contributions of the Diaspora in promoting Nigeria’s image abroad and acting as brand ambassadors, following the emergence of Ayo Owodunni as the first black person to become a City Councillor in Kitchener, London Ontario, Canada.
Owodunni won the Municipal elections for Ward 5 in a keenly contested race for the office.
Speaking on Owodunni’s historic victory, President Buhari said the record-setting election of the Nigerian, the first ever for a black person highlighted the various initiatives undertaken by him as a consultant, facilitator, and trainer, supporting businesses in their efforts to promote learning and bring diversity, inclusion and cultural understanding in the workplace.
The President urged Nigerians in the Diaspora to always promote the government’s development agenda wherever they lived and ” never be afraid to dream big and never give up on your dreams.”
The President congratulated Owodunni and his spouse, Folake and their two children on this very important election victory.
