The President of Nigeria, Muhammadu Buhari has called on Koreans to increase their investments in Nigeria for mutual economic benefit.
The President’s Special Adviser on Media and Publicity, Mr Femi Adesina, in a statement said Buhari gave the invitation when he granted audience to representatives of strategic Korean companies and industries in Seoul on Wednesday in Abuja.
Buhari assured the 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, the president said that he will ensure ease in clearing of cargo, giant strides have been digitalised of the processes in our Sea-Parts as well as airports.
He added that the country is investment friendly and a choice destination, he also said that Nigeria’s economy has 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 the president, the steady improvement from the global economic downturn of 2020 indicates that the Nigerian economy is on firm path of recovery.
He urged 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.
Buhari 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.
The estimated number of registered companies in Nigeria as at 2021 is no fewer than twenty.
The companies include; Samsung, Deawoo and Hyundai Heavy Duty Industries as well as the LG and Samsung electronics and the Lotte Chemical industry.
According to the Nigerian leader 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 also said that his engagements with Korean economic operators in priority areas would be mutually beneficial to both countries and their peoples.
Some of the Captains of the 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 include Mr Jaycee Jung, President/CEO, Samsung Heavy Industries, and Sang Ho Shiu, CEO, Kelon Group.
Those that spoke 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.