President Muhammadu Buhari has invited top Korean business executives to increase their investments in Nigeria, promising that his administration will continue to make determined efforts to improve the enabling domestic environment for businesses to flourish.
He made the plea on Wednesday during an audience he granted representatives of strategic Korean companies and industries on the sidelines of the World Bio Summit 2022 in Seoul, South Korea.
According to a statement issued by Femi Adesina, Special Adviser to the President (Media & Publicity), the President declared 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,” adding that “the security forces have been working assiduously with local communities to ensure the security of lives and properties of Nigerians and foreign investors.”
He added: “Our administration, has prioritized Power infrastructure under the Presidential Power Initiative. In this regard, Nigeria has procured modern power equipment which was inaugurated in September 2022 as part of the phased project to generate 25,000 megawatts of electricity by 2025. Furthermore, to ensure ease in the clearing of cargo, giant strides have been digitalised of the processes in our Sea-Parts as well as airports.”
Making a case for the country as investment friendly and choice destination, President Buhari further highlighted that, “With a nominal GDP of 431.97 billion USD, Nigeria’s economy remains the largest in Africa with vast human capital and natural resources. The steady improvement from the global economic downturn of 2020 indicates that the Nigerian economy is on a firm path of recovery. I implore you, therefore, 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.”
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 of 2021 at no fewer than twenty registered companies in Nigeria, among which are Samsung, Deawoo and Hyundai Heavy Duty Industries as well as the LG and Samsung electronics and the Lotte Chemical industry, the Nigerian President 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.”
According to him, “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.”
The Nigerian leader hoped 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 of Korea Ship Building 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.
Speaking from the Nigerian end were Chief Ladi Jadesinmi, Chairman LADOL, Mallam Mele Kyari, Group CEO, NNPC Ltd, and Alhaji Bashir Yusuf Jamo, DG, NIMASA.
President Buhari has also enjoined African Ambassadors to continue to give preference to the protection of the interests of the African continent and her people.
He made the call during a separate audience with the African Group of Ambassadors accredited to the Republic of Korea, on the sidelines of the First World Bio Summit.
According to him, “the economic prosperity and development of Africa is the collective responsibility of Africans in leadership positions. I, therefore, call upon you as a group and as individuals, to promote the agenda of the Africa Continental Free Trade Area which is aimed at making Africa an attractive common market for the global community.”
Stressing the need to speak with one voice and project the correct African story to the rest of the world, President Buhari told his guests that “it is imperative that as you go about your diplomatic duties, you take into cognisance, the contents of the African Union (AU) Charter and the AU Agenda 2063 as they represent the priority expectations of the African Continent. We need to engage the rest of the world with one voice, based on our narratives that are carefully crafted in the two documents under reference.”
He also called on them to “continue in your individual and group capacities to project African narratives to reflect the correct standing of Africa in the world as you go about your diplomatic responsibilities to your respective countries,” while commending their exemplary activities in their host Asian country.
President Buhari further encouraged them to “sustain the already existing friendly relations among the African group and continue to look after one another with the aim of projecting Africa as a single unified continent.”
He also appreciated the Ambassadors for the warm reception accorded him and his delegation on arrival at the Seongnam International Airport, Seoul, on Monday.
Speaking at the event, Mr Geoffrey Onyeama, Nigeria’s Minister of Foreign Affairs, said the reception shows African solidarity, as the African Union captures and institutionalizes the unity of the continent, a position shared by Amb Ali Magashi, Nigeria’s Ambassador to South Korea.
Ambassador Carlos Boungou, Dean of the Diplomatic Corps, thanked President Buhari for his leadership and achievements in Nigeria, Africa, and global affairs.
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