President Muhammadu Buhari on Wednesday in Seoul, invited top Korean chief executive officers to invest in Nigeria, citing conducive business environment, low corporate tax regime/VAT rates, flexible labour market conditions, and simple procedures for establishing businesses, as incentives.
Buhari, who urged the South Korean investors to increase their investments in Nigeria, assured that his administration would continue to make efforts to improve the enabling domestic environment for businesses to flourish, according to a statement by Femi Adesina, the president’s media aide.
Speaking during an audience he granted representatives of strategic Korean companies and industries on the sidelines of the World Bio Summit 2022 in the Republic of Korea, the president said “Nigeria remains committed to creating a stable and enabling business environment for foreign investors through the formulation of sound economic policies and improved governance.”
He added that “the security forces have been working assiduously with local communities to ensure the security of lives and properties of Nigerians and foreign investors.”
According to him, “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.
President Buhari also harped on ease in clearing of cargo, in Nigeria, adding that “the country has recorded giant strides in digitalisation of the processes in our seaports as well as airports.”
Making a case for the country as an investment- friendly and choice destination, 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.
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.
Several South Korean companies are already doing businesses in Nigeria, including 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.”
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The president said he “looks 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.”
Among captains of industry that made remarks at the event were; Byung-Kwan KIM, chairman Korean Importers Association, Sam Ka, CEO Korea ShipBuilding and Offshore Engineering, Seung Il Chow, chief operating officer of Daewoo Engineering and Construction, Jaycee Jung, President/CEO, Samsung Heavy Industries, and Sang Ho Shiu, CEO, Kelon Group.
Speaking from the Nigerian end were Ladi Jadesinmi, chairman LADOL, Mele Kyari, group CEO, NNPC Ltd, and Bashir Jamo, DG, NIMASA.
The president also expressed Nigeria’s desire to widen the scope of trade relations with the Republic of Korea beyond gas exports, while speaking at a bilateral meeting with his Korean counterpart, Yoon Suk-Yeol at the Presidential Palace on the sidelines of the First World Bio Summit
Earlier, President Suk-Yeol had sympathised with Buhari over the massive havoc and human losses caused by floods in his country.
He described Nigeria as Africa’s largest economy and cultural powerhouse that produces a huge number of films, expressing confidence that Nigeria’s economic and cultural capabilities will contribute significantly to exchanges and cooperation between both countries.
