Buhari scouts for investment from South Korea

October 29, 2022

During his visit to Seoul, the President, Major General Muhammadu Buhari(retd), urged top Korean businesses to increase their investments in Nigeria.

During his visit to Seoul, the President, Major General Muhammadu Buhari(retd), urged top Korean businesses to increase their investments in Nigeria.

Addressing the representatives of strategic Korean companies and industries on the side-lines of the World Bio Summit 2022 in the Republic of Korea capital, he assured that his government will continue its efforts to improve the business environment of Nigeria. He stated that Nigeria is committed to creating a stable and enabling business environment for foreign investors through the formulation of sound economic policies and improved governance. 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 government has prioritized creating Power infrastructure under the Presidential Power Initiative, digitalisation of the airports and seaports also are underway, he added.

Making a strong case for Nigeria as an attractive investment destination, he argued that with a nominal GDP of 431.97 billion USD, Nigeria’s economy is the largest in Africa with vast human capital and natural resources. He urged the business leaders to explore investment opportunities in Nigeria, especially in the areas of Oil and Gas, Trade, Manufacturing, ICT, etc. He highlighted the low corporate tax regime/ VAT rates, flexible labor market conditions and simple procedures for establishing businesses.

During his bilateral meeting with his Korean counterpart, Mr. Yoon Suk-Yeol Buhari urged expansion from the long-term gas contract to other areas. Both leaders also discussed intensifying cooperation at the multilateral level. South Korea sought Nigeria’s support for gaining a seat on the Security Council in 2024.