Buhari calls for increased Korean investments in Nigeria

President Muhammadu Buhari has called for increased Korean investments in Nigeria for mutual economic benefit.

Mr Femi Adesina, the President’s Special Adviser on Media and Publicity, in a statement on Wednesday in Abuja, said Buhari gave the invitation when he granted audience to representatives of strategic Korean companies and industries in Seoul.

The meeting was held on the sidelines of the World Bio Summit 2022 in the Republic of Korea capital, Seoul, South Korea.

Buhari assured prospective investors that his administration would continue to make determined efforts to improve the enabling domestic environment for businesses to flourish.

“Nigeria remains committed to creating a stable and enabling business environment for foreign investors through the formulation of sound economic policies and improved governance.

“The security forces have been working assiduously with local communities to ensure the security of lives and properties of Nigerians and foreign investors.

“Our administration has prioritised Power infrastructure under the Presidential Power Initiative.

“In this regard, Nigeria has procured modern power equipment which was inaugurated in Sept. 2022 as part of the phased project to generate 25,000 megawatts of electricity by 2025,” he said.

“Furthermore, to ensure ease in clearing of cargo, giant strides have been digitalised of the processes in our Sea-Parts as well as airports.”

While making a case for the country as investment friendly and choice destination, Buhari said that Nigeria’s economy remained the largest in Africa.

“With a nominal GDP of 431.97 billion USD, Nigeria’s economy remains the largest in Africa with vast human capital and natural resources,” he said.

According to him, the steady improvement from the global economic downturn of 2020 indicates that the Nigerian economy is on firm path of recovery.

Buhari implored the investors 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.”

The president also acknowledged 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.

Some of the affected companies include the Samsung, Deawoo and Hyundai Heavy Duty Industries as well as the LG and Samsung electronics and the Lotte Chemical industry.

The Nigerian leader 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.

“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 said.

He expressed optimism 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 and Mr Seung Il Chow, Chief Operating Officer of Daewoo Engineering and Construction.

Others were Mr Jaycee Jung, President/CEO, Samsung Heavy Industries, and Sang Ho Shiu, CEO, Kelon Group.

Speaking from the Nigerian end were Chief Ladi Jadesinmi, the Chairman, LADOL, Malam Mele Kyari, the Group CEO, NNPC Ltd, and Alhaji Bashir Jamo, the Director- General, NIMASA.