President Muhammadu Buhari urged top S. Korean business executives to expand their investments in Nigeria on Wednesday in Seoul, saying his administration would continue to make concerted efforts to strengthen the domestic environment for businesses to thrive. The President stated 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. This was communicated to an audience of representatives for strategic S. Korean companies and industries, on the sidelines of the World Bio Summit 2022 in the Republic of S. Korea capital.
He also stated that the security forces have been working assiduously with local communities to ensure the protection of Nigerians’ and foreign investors’ lives and assets. Our administration has prioritized power infrastructure under the Presidential Power Initiative, he says. Nigeria has purchased sophisticated power equipment, which will be inaugurated in September 2022 as part of a phased effort to generate 25,000 megawatts of electricity by 2025. Furthermore, to facilitate cargo clearance, huge steps have been made in digitalizing operations in our Seaports as well as airports.
Nigeria’s economy remains the largest in Africa.
Buhari further emphasized that with a nominal GDP of 431.97 billion USD, Nigeria’s economy remains the largest in Africa, with immense human capital and natural resources, in arguing for the country as an investment-friendly and desirable location. The continuous improvement since the worldwide economic slump of 2020 indicates that the Nigerian economy is on the mend. I thus implore you to take advantage of Nigeria’s numerous investment prospects, particularly in the fields of oil and gas, trade, manufacturing, ICT, creative industry, and cultural exchange.
It is important to emphasize that the Nigerian business climate has a low corporate tax regime/VAT rate, flexible labour market circumstances, and straightforward procedures for establishing enterprises. Recognizing some significant investments by S. Korean companies in Nigeria in the fields of construction or heavy-duty industries, ICT and electronics, as well as chemical production. There are no fewer than twenty registered companies in Nigeria, including the Samsung, Daewoo, and Hyundai Heavy Duty Industries, as well as the LG and Samsung electronics and the Lotte Chemical industry. President Buhari expressed delight that these companies have contended.
President Suk-Yeol showed his sympathy over the havoc caused by the flood.
The president advocated for the expansion of the long-term gas contract to other areas during a bilateral meeting with his S. Korean counterpart, Mr. Yoon Suk-Yeol, at the presidential palace on the margins of the First World Bio Summit. Previously, President Suk-Yeol expressed sympathy to President Buhari for the huge devastation and human losses inflicted by floods in his country. “He hailed Nigeria as Africa’s greatest economy and cultural powerhouse, producing a vast number of films, and expressed optimism that Nigeria’s economic and cultural skills will considerably contribute to exchanges and cooperation between the two nations.”
Both presidents however still emphasized the importance of multilateral cooperation, particularly at the United Nations, with South Korea expressing interest in running for a seat on the Security Council in 2024 and seeking Nigeria’s support. Similarly, the South Korean leader requested Nigeria’s backing for her country’s bid to host the 2030 EXPO. The bilateral talks also talked about the issue of peace on the Korean Peninsula, as well as demilitarization and disarmament of the region.
Engagements with S. Korean economic operators should benefit both countries.
“I look forward to increased investments by S. Korean private enterprises in Nigeria as we settle issues of enabling important agreements between our two nations, such as Investment Promotion and Avoidance of Double Taxation,” Buhari says. The Nigerian president anticipated that his collaborations with S. Korean economic operators in important areas would benefit both countries and its citizens. Byung Kwan KIM, Chairman S. Korean Importers Association, Mr. Sam Ka, CEO S. Korea Shipbuilding 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 were among the Captains of Industry who spoke at the event. Oladipo Jadesimi, Executive Chairman LADOL, Mallam Mele Kyari, Group CEO, NNPC Ltd, and Alhaji Bashir Yusuf Jamo, DG, NIMASA spoke on behalf of Nigeria.
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