Tinubu Urges South Korean Company to Set Up Production Bases in Nigeria

The President of Nigeria, Bola Tinubu has highlighted the positive impact of recent reforms on Nigeria’s investment environment, presenting various opportunities for investors across different sectors.

Speaking during the reception of credentials from the Republic of Korea’s Ambassador, Vice-Admiral Kim Pan Kyu, at the State House on Friday, Tinubu emphasized Nigeria’s status as a significant market for Korean products. He particularly stressed the potential for Korean goods manufactured within Nigeria and underscored the mutual benefit of Nigerian products in the Korean market.

Pointing out the optimistic economic prospects of Nigeria, Tinubu encouraged more South Korean companies to capitalize on these prospects by establishing manufacturing facilities within Nigeria.

‘’I am glad that you have a very good knowledge of Nigeria and appreciate the role of our country in Africa.

“Our doors are open for economic opportunities and trade, and I acknowledge that several South Korean companies and products are firmly entrenched in the Nigerian market.

‘’Nigerians appreciate South Korean technology, and Nigerian products can also be beneficial to South Korean markets. You need to bring more of your companies and manufacturing plants here,” the President said.

Adding “We have everything your industries require to excel as we progress over the near term.

“We can partner on skill development and the systematic transfer of knowledge to further empower our country’s innovative youth population.

‘’We have investment opportunities in the solid mineral sector and other areas, and cooperation in these areas will strengthen our bilateral relations.”

Recalling his discussions with President Yoon Suk Yeol during the G20 Summit in New Delhi in 2023, and their shared commitment to bolster cooperation, Tinubu pledged to build upon the outcomes of that meeting to further enhance bilateral relations.

He graciously accepted an invitation from President Yoon to attend the inaugural South Korea-Africa Summit scheduled for June 4 to June 5 in Seoul, South Korea.

Tinubu instructed Nigeria’s Ministry of Foreign Affairs to keep him updated on the developments regarding the Summit.

Ambassador Kim highlighted Tinubu’s crucial role as the Chairman of the ECOWAS Authority of Heads of State and Government, as well as the leader of Africa’s largest economy, population, and democracy.

He emphasized the significance of Nigeria’s active participation at the highest level in the Summit to strengthen bilateral ties and foster a future of prosperity for both Africa and South Korea as authentic partners in advancement.

‘’Your Excellency’s visit to South Korea for the Summit will provide an excellent opportunity to strengthen the relations between the two nations,’’ the Ambassador said, after reading a formal invitation from President Yoon.

Earlier, Tinubu accepted accreditation letters from Amb. Antit Mohsen of Tunisia and High Commissioner Mohali Imbuwa of Zambia.

During these occasions, he stressed the importance of bolstering African solidarity and camaraderie to not only foster economic prospects but also to address ongoing conflicts across the continent. In discussions with the Zambian High Commissioner, Tinubu highlighted the significance of African cohesion and collaboration in resolving enduring conflicts.

‘’We are ready to explore more areas of cooperation that promote African brotherhood ensure sustainable growth across different sectors and provide economic opportunities for our citizens.

‘’Our doors are open, and do not hesitate to bring any challenges you may have in the course of your duty to the Ministry of Foreign Affairs,’’ the President told the Zambian High Commissioner.

During his meeting with the Tunisian Ambassador, the President reaffirmed Nigeria’s commitment to strengthening ties with North African nations to enhance prosperity across the continent. He emphasized Nigeria’s increasing openness to business opportunities, acknowledging the growing confidence among international investors.

Tinubu expressed gratitude for the Ambassador’s recognition of the country’s progress under his administration. He assured continued efforts to provide a positive experience for foreign government representatives visiting Nigeria.

The Tunisian Ambassador commended the President’s leadership and expressed his government’s enthusiasm for the renewed vigor and determination evident since Tinubu’s inauguration on May 29, 2023.

‘’We welcome the economic reforms and the enhancement of national security in Nigeria under your leadership.

‘’Because of what we have seen, we are emboldened to collaborate on a new level, particularly in the areas of trade, economy, and defence,’’ the Tunisian Ambassador said.