Korea to invest in Oil refinery, cyber space, other sectors in Nigeria

Republic of Korea has said it is set to  invest in Nigeria with focus on agriculture, energy, natural resources, cyberspace, biotechnology and  oil refinery. Mr Jang Sungmin, Special Envoy of the President of Korea, said this while briefing newsmen in Abuja after meeting with Vice President Kashim Shettima and other top government officials in Abuja. Sungmin said the visit was to explore areas of expanding Korean economic cooperation with Nigeria especially as President Tinubu promised to further open up the country to foreign investments.

He said, “President Yoon, last year, announced a policy to expand cooperation with Africa. Only a month ago, the president sent a special envoy to the inauguration of President Tinubu. Within a span of few weeks, he sent another special envoy to Nigeria to emphasise his willingness and commitment to deepen cooperation with Nigeria especially in the area of economy because Nigeria is Africa’s gateway to the world. He said, “Nigeria has the biggest market in Africa. It has the biggest population. As you know, Korea is a country that has all the technological and economic knowhow to lead the fourth industrial revolution. We are seeking to expand our cooperation, which will enhance Nigeria’s economic development. 

 “Nigeria’s new administration has opened up the country for business, Korea wants to explore the numerous opportunities here. We want to cooperate in a more tailored way. Korea has the technological knowhow, the skills, the capacity, human resources especially in the area of agriculture, cyberspace, security, biotechnology, oil refinery and others. Korea looks forward to a bright future with Nigeria. We are looking forward to investing more in Nigeria.” The special envoy assured that more delegations from Korea will visit Nigeria to explore areas of cooperation and investment. He also reiterated that Korea would continue to provide development assistance to Nigeria and other countries with which it shared common values. 

The delegation, led by Sungmin, is comprised of Mr Kim Young-chae, South Korean ambassador to Nigeria; Mr Yoo Chang-ho, Deputy Secretary to the President for Future Policy; Mr Guillaume Barthe-Dejean, Vice President, SK; Mr KIM Inkyu, Chief Financial Officer, LG Electronics Nigeria Corp.; Mr Choi Jungwon, Economic Attaché, Korean Embassy in Nigeria and Ms. Park Hyesong, Korea International Development Agency.