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Buhari woos S. Korean investors to Nigeria

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By Nicole

The President invited top S. Korean businesses to increase investments in Nigeria.

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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Adeolastan
Adeolastan
1 year ago

All this Buhari trip to this nations can not yield much because nobody will like to invest in an economy that will not bring out profit.Federal government should do something about the insecurity in Nigeria.

Abusi
Abusi
1 year ago

It will be nice if we can have investors from South Korea come into Nigeria to invest in our country. It will help the growth of the economy. Also, it will facilitate a better bilateral relationship with South Korea.

Bola12
Bola12
1 year ago

The security forces have been working hard with the local people to protect the lives and property of Nigerians and foreign investors.

Christiana
Christiana
1 year ago

Through the creation of good economic policies and enhanced governance, Nigeria remains committed to fostering a stable and conducive business climate for international investors.

Tolaniiii
Tolaniiii
1 year ago

The ongoing progress since the global economic downturn of 2020 suggests that the Nigerian economy is on the mend.

Haykaylyon26
Haykaylyon26
1 year ago

It will be nice if the Korea come and invest and expand their business in Nigeria it will help the growth of our economy and create job and gain knowledge about what ever the company they start in our country, we have to make our security tight of we want foreign country to come and invest in our country so they will feel safe

jdpumping
jdpumping
1 year ago

South Korea is one of the country we need bilateral trade with we really need to woo investors to come invest in our country to boost our economy and serve as means of providing employment opportunities for the citizenry.

Ultra0711
Ultra0711
1 year ago

If we can really entice south Korean investors to invest in Nigeria it will really contribute significantly ton the development of our country.

SarahDiv
SarahDiv
1 year ago

It look like Our President Mohammed Buhari seems to be awaking to the reality that he needs to make the country conducive and safe for the investors and businesses to thrive well.

Godsewill Ifeanyi
Godsewill Ifeanyi
1 year ago

The administration of Buhati will keep up its concerted efforts to improve the home environment so that it is more conducive to the success of local enterprises.

Tonerol10
Tonerol10
1 year ago

Any investment that bring good business and good relationship is welcome. we need to improve more

DimOla
DimOla
1 year ago

For our president to make the wooing of S.Korea investors
into Nigeria a reality the policies most be favourable towards businesses.

Taiwoo
Taiwoo
1 year ago

Through the establishment of robust economic policies and an elevated level of governance, Nigeria continues to demonstrate its dedication to delivering an environment that is secure and conducive to business for international investors.

Chibuzor
Chibuzor
1 year ago

Armed personnel have been collaborating closely with residents to keep both locals and foreign investors safe.

Adesanyaj72
Adesanyaj72
1 year ago

By establishing strong economic policies and enhancing its governance, Nigeria stays dedicated to providing a secure and welcoming setting for international investors.

Nwachukwu Kingsley
Nwachukwu Kingsley
1 year ago

While meeting with his South Korean colleague, the President pushed for the extension of the long-term gas contract to cover further territories.

Hassan Isa
Hassan Isa
1 year ago

It is vital to stress that the Nigerian business climate features a low corporation tax structure and a low VAT rate. Additionally, the circumstances of the labor market in Nigeria are flexible.

Kazeem1
Kazeem1
1 year ago

During the bilateral meetings, the issues of demilitarization and disarmament of the region, as well as the pursuit of peace on the Korean Peninsula, were also discussed.

Remi1
Remi1
1 year ago

S. Korean firms have made large investments in Nigeria’s construction and heavy industries, information and communications technology (ICT), electronics, and chemical production.

theApr
theApr
1 year ago

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.