President Muhammadu Buhari Woos South Korean Investors, Pledges Improved Business Environment

President Muhammadu Buhari yesterday, 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.

Speaking 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 in a statement by presidential spokesman, Femi Adesina 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 2022 as part of the phased project to generate 25,000 megawatts of electricity by 2025. Furthermore, to ensure ease in clearing of cargo, giant strides have been digitalised of the processes in our Sea-Parts as well as airports.”

Making a case for the country as investment friendly and choice destination, President 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.