Buhari eyes over $1.3bn trade with South Korea

The President, Major General Muhammadu Buhari(retd), on Wednesday in Seoul, invited top Korean business executives to increase their investments in Nigeria, while his regime would continue to make determined efforts to improve the enabling domestic environment for businesses to flourish.

A statement released by the Special Adviser to the President on Media and Publicity, Femi Adesina, Buhari was quoted to have spoken during an audience he granted to representatives of strategic Korean companies and industries on the sidelines of the World Bio Summit 2022 in the Republic of Korea capital.

The President noted 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.”

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. Furthermore, to ensure ease in 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 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.”

Trade between both countries is estimated at $1.3bn

Speaking during a bilateral meeting with his Korean counterpart, Mr. Yoon Suk-Yeol at the Presidential Palace on the sidelines of the First World Bio Summit, the President called for expansion from the long-term gas contract to other areas.

“Earlier, President Suk-Yeol had sympathized with President Buhari over the massive havoc and human losses caused by flood in his country,” the statement by Adesina noted.

“He described Nigeria as Africa’s largest economy and cultural powerhouse that produces huge number of films, expressing confidence that Nigeria’s economic and cultural capabilities will contribute significantly to exchanges and cooperation between both countries.

“Both leaders also discussed the need for cooperation at the multilateral level, particularly at the United Nations with South Korea indicating interest to vie for a seat on the Security Council in 2024 and seeking Nigeria’s support. Similarly, the Korean leader sought Nigeria’s support for her country’s plan to host the 2030 EXPO.

“The issue of peace on the Korean Peninsula, demilitarization and denuclearization of the region also featured in the bilateral talks.”