Udoma Wants More Korean Investment in Nigeria

Udom Wants More Korean Investment in Nigeria

The Ambassador of the Peoples Republic of Korea, His Excellency Lee In-tae, has been called upon to encourage Koreans to invest in Nigeria because of the country’s enormous economic and investment potentials.

Budget and National Planning Minister, Senator Udoma Udo Udoma, told the Ambassador who visited him in Abuja on Thursday that although Nigeria appreciates Korea’s assistance in grants and aids, the country would also appreciate more Korean investments, as there abound vast opportunities in the areas of agriculture and transportation, power and gas as well as manufacturing and processing, among others.

He explained that apart from having the largest market in Africa, Nigeria is centrally located and within easy access to other parts of the continent; indicating that businesses based in Nigeria have the capacity of easily reaching the entire West African sub region.

The Ambassador was told that his visit was timely, as it came when the Economic Recovery and Growth Plan (ERGP) Focus Labs are still in session, pointing out that the labs are focused on sourcing for investments and addressing challenges that stand in the way of investors.

He said given the success Korea has achieved in the last fifty years, moving from an underdeveloped economy to an industrial giant especially in the areas of car manufacturing, electronics and ship building among others, we in Nigeria have a lot we can learn from them in our effort to transform our own economy.

“Apart from the technical assistance and grants that you have been giving us, we would appreciate investments. Please encourage Korean companies to come and invest in Nigeria”, the minister emphasized.

The Minister expressed satisfaction that interventions so far by the Korean government through the Korean International Cooperation Agency (KOICA) are in line with the priority areas of the Nigerian government as set out in the ERGP which include agriculture, health, education and human capital development.

He assured the Korean team, which included the Deputy Head of Mission, Song Yong-Min and the Country Director and Regional Representative of KOICA, Sook Hyun Park, of high level support and representation by the Nigerian government in KOICA activities.

The Minister indicated that Nigeria is looking forward to the execution of the Framework Agreement for Grant Aid which will further strengthen economic diplomacy and development cooperation between the two countries.

Ambassador In-tae, in his speech, pledged to be a bridge between Korean investors and Nigeria, to drive investments and other economic activities between the two countries. He said his visit was also to discuss the signing of the Framework Agreement for Grant Aid.

Signed:
Akpandem James
Special Adviser (Media) to the Hon. Minister