Buhari Expresses Desire to Further Business Relations With The Republic of Korea

President Muhammadu Buhari has expressed Nigeria’s desire to further strengthen business relations with the Republic of Korea beyond oil and gas exports.

The president made this known during a meeting with the Korean President, Mr. Yoon Suk-Yeol at the presidential palace in Seoul.

Buhari called for the Republic of Korea to widen its scope from the long-term gas contract to other areas. He went on to urge top Korean business executives to triple their investments in Nigeria.

Buhari noted that Nigeria is investment friendly and a great choice of destination, with a nominal Gross Domestic Product of $431.97 billion, he said, 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 labor market conditions and simple procedures for establishing businesses.” The president added.

According to the president, his administration would not stop making precise moves to improve the enabling domestic environment for businesses to flourish.

He said Nigeria is determined to continue to create a reliable and enabling business environment for foreign investors through the formulation of solid economic policies.

Buhari during his speech acknowledged some major investments by Korean companies in Nigeria which includes construction or heavy-duty industries, ICT, electronics, chemical production and nothing less than twenty registered companies in Nigeria, few on the list are Samsung, Daewoo, and Hyundai Heavy Duty industries, LG and Samsung electronics and the Lotte Chemical Industry.

He expressed his joy that these companies have continually contributed massively to the growth of the Nigerian Gross Domestic Product (GDP) and it has helped create job opportunities for the citizen of Nigeria.