Buhari Woos Korean Investors, Pledges Improved Business Environment

Posted by African Examiner Asia, Latest Headlines, News Across Nigeria Wednesday, October 26th, 2022

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

Buhari spoke 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 capital.

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.”

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 as part of the phased project to generate 25,000 megawatts of electricity by 2025.

Buhari stated that in order to ensure ease in clearing of cargo, giant strides have been digitalised for the processes in our Sea-Ports as well as airports.”

Making a case for the country as 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 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 as well as other areas, the 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.”

Buhari expressed hope 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, 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, Director General NIMASA.