Buhari Seeks More Korean Investments to Boost Economy

President Muhammadu Buhari has invited top Korean business executives to increase their investments in Nigeria.

Nigeria’s President Muhammadu Buhari has invited Korean business executives to invest more in the country .

The president made this known during an audience with representatives of strategic Korean companies and industries on the sidelines of the World Bio Summit 2022 in the Republic of Korea’s capital, Seoul.

Buhari noted that the engagements with Korean economic operators in priority areas would be beneficial to both countries and their people.

He said his administration would continue to make determined efforts to improve the enabling domestic environment for businesses to flourish.

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President Buhari, in a statement issued by his spokesman, Femi Adesina, said Nigeria remained committed to creating a stable and enabling business environment for foreign investors through the formulation of sound economic policies and improved governance.

He added that “the security forces have been working assiduously with local communities to ensure the security of the lives and properties of Nigerians and foreign investors.”

Buhari said, “Our administration has prioritised 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 digitised in the processes in our seaports as well as airports.

“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.”