Buhari urges scale-up of Korean investment to Nigeria

President Muhammadu Buhari has called on top Korean business executives in Seoul to increase investments in Nigeria.

The President speaking to representatives of strategic Korean companies and industries, on the sidelines of the World Bio Summit 2022 in the Republic of Korea, 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.”

Buhari assured that the security forces have been working assiduously with local communities to ensure the safety of life and property 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 September 2022, as part of the phased project to generate 25,000 megawatts of electricity by 2025,” he said.

Buhari described the country as an investment-friendly and choice destination, adding that “With a nominal GDP of $431.97 billion, 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 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.”

He acknowledged some important investments by Korean companies in the fields of construction or heavy duty industries, ICT and electronics as well as chemical production, estimated, as at 2021, at about 20 registered companies in Nigeria, among which are Samsung, Deawoo and Hyundai Heavy Duty Industries, LG, Samsung electronics as well as the Lotte Chemical industry.

Buhari expressed his pleasure that these companies have continued to contribute massively to the growth of the Nigerian GDP and have created job opportunities in the country.