The Federal Government has flaunted the ‘enormous’ economic and investment potentials in the country, calling on Koreans government to encourage their citizens to explore the opportunity by focusing the investments in Nigeria.
This call was made by the Minister of Budget and National Planning, Senator Udoma Udo Udoma when he received the Ambassador of the Peoples Republic of Korea, Lee In-tae recently, in his office in Abuja.
The Minister, though, appreciated Korea’s assistance in grants and aids, his media aide, Mr. Akpandem James in a statement on Tuesday, however, quoted Udoma of seek more Korean investments in Nigeria.
He listed agriculture and transportation, power and gas as well as manufacturing and processing as areas he believed possessed vast opportunities for investors.
Portraying Nigeria as ideal destination for investors, Udoma said apart from having the largest market in Africa, the country is centrally located and within easy access to other parts of the continent.
He indicated that businesses based in Nigeria have the capacity of easy reaching the entire West Africa sub region, noting that the Ambassador’s visit was timely, as he came at time the Economic Recovery and Growth Plan (ERGP) Focus Labs are still in session.
Udoma pointed out that labs are focused on sourcing for investments and addressing challenges that stand in the way of the investors.
On the exchange of ideas, the Minister who recognised Korea’s achievement in the last fifty years, where it moved from an under-developed economy to industrial giant especially in the areas of car manufacturing, electronic and ship building among others, said Nigeria have a lot to learn from them to transform its 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 emphasised.
Udoma expressed satisfaction at interventions so far extended by the Korean government through Korean International Cooperation Agency (KOICA), which he said are in line with priority areas of the Nigerian government as set out in the ERGP.
The priority, he listed, are agriculture, health, education and human capital development.
He reminded the Ambassador that Nigeria look forward to the execution of the Framework Agreement for Grant Aid which will further strengthen economic diplomacy and development cooperation between the two countries.
In his brief remark, Ambassador In-tae assured Nigeria government of leading the drive for investments and other economic activities into the country, saying he was at the minister’s office for the signing of the Framework Agreement for Grant Aid.