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Buhari urges Korea to increase investments in Nigeria

President Muhammadu Buhari has urged Korean business executives to increase their investments in Nigeria.

Speaking during an audience session with representatives of strategic Korean companies and industries, President Buhari also promised that his administration would continue to make determined efforts to improve the enabling domestic environment for businesses to flourish.

He told the sidelines of the ongoing World Bio Summit in Seoul, South Korea, that Nigeria would sustain its efforts through the formulation of “sound economic policies and improved governance”.

The President said Nigerian security forces had been working assiduously with local communities to ensure the security of lives and property of citizen and foreigner alike, including their investments.

With a nominal GDP of 431.97 billion USD, Nigeria’s economy has remained the largest in Africa, with vast human capital and natural resources, he declared.

According to the Nigerian leader, the steady improvement from the global economic downturn of 2020 indicates that the country’s economy has been on a firm path to recovery.

He also implored the Korean business community 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.

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, President Buhari expressed delight that the companies have continued to contribute immensely to the growth of the Nigerian GDP.

Their investments, he said, have created job opportunities in the country.

“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,” he remarked.

Widened trade relations

In a related development, President Buhari has said Nigeria desires to widen the scope of trade relations with the Republic of Korea beyond gas exports.

Speaking during a bilateral meeting with his Korean counterpart, Yoon Suk-Yeol, at the Presidential Palace in Seoul, 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, He 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. At the same time, he commended the Korean government for the supply of a vessel to the Navy.

Reporting by Abdullah Bello; Editing by Omotola Oguneye and Tony Okerafor