President Muhammadu Buhari has expressed Nigeria’s desire to widen the scope of its trade relations with South Korea beyond gas exports.
Buhari stated the country’s interest during a meeting with South Korean President, Yoon Suk-Yeol, on the sidelines of the first World Bio summit at the Presidential Palace in Seoul.
According to a statement, by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President called for expansion from the long-term gas contract to other areas.
On piracy in the Gulf of Guinea to which Korean ships had fallen victim, President Buhari noted that the level of attacks had decreased considerably over the last year due to the provision of equipment to the Nigerian Navy and Nigerian Maritime Administration and Safety Agency (NIMASA) by the Nigerian government, while also praising the Korean government for the supply of a vessel to the Navy.
In this respect, the Nigerian leader said he looked forward to enhanced defence and security cooperation with the Republic of Korea.
The President, who thanked his Korean counterpart for inviting him to address the World Bio Summit, also appreciated him for expressing sympathy with Nigerians on the flood disaster.
Earlier, President Suk-Yeol sympathised with President Buhari over the massive havoc and human losses caused by flood in Nigeria.
He described Nigeria as Africa’s largest economy and cultural powerhouse that produces a huge number of films, expressing confidence that Nigeria’s economic and cultural capabilities will contribute significantly to exchanges and cooperation between both countries.
Both leaders also discussed the need for cooperation at the multilateral level, particularly at the United Nations with South Korea indicating interest to vie for a seat on the Security Council in 2024 and seeking Nigeria’s support.
Similarly, the Korean leader sought Nigeria’s support for her country’s plan to host the 2030 EXPO.
The issue of peace on the Korean Peninsula, demilitarisation and denuclearisation of the region also featured in the bilateral talks.
President Buhari also met with representatives of strategic Korean companies and industries on the sidelines of the Summit.
He urged them to increase their investments in Nigeria, assuring them of his administration’s targeted efforts at improving the domestic business environment for all investors.
“Nigeria remains committed to creating a stable and enabling business environment for foreign investors through the formulation of sound economic policies and improved governance,” he said.
He added that “the security forces have been working assiduously with local communities to ensure the security of lives and properties of Nigerians and foreign investors.”
“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 the clearing of cargo, giant strides have been made in the digitalisation of the processes in our sea ports as well as airports”, he said.
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.
“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 explained.
According to him, “I look forward to increased investments by Korean private companies in Nigeria as we resolve the issues of enabling relevant agreements such as Investment Promotion and Avoidance of Double Taxation between our two countries.”
The President also charged African Ambassadors to project the interests of the continent as a unified front, guided by the objectives of the African Union (AU) Charter and the AU Agenda 2063.
Buhari made the call during an audience with the African Group of Ambassadors accredited to the Republic of Korea, on the sidelines of the Summit.