
Nigeria has secured six key pillars on investment in talks with South Korean institutions to expand investment opportunities in Nigeria, says the minister for industry, trade and investment, Doris Uzoka-Anite.
In a post on her official Instagram handle after her return from South Africa, the minister said the high-level discussions with key South Korean Institutions would pave way for “significant economic collaborations and investment opportunities that will drive Nigeria’s industrialisation and economic growth.”
During her South Korea visit, she met with Korea Trade Insurance Corporation (K-SURE), the Korean Chamber of Commerce and the Korea International Trade Association (KITA).
Among the outcomes of the meeting, the discussions look to strengthen bilateral trade relations, development projects and improve business environment.
On strengthening bilateral trade relations, the minister said, “We explored new avenues to enhance trade relations between Nigeria and South Korea, aiming to significantly increase our current trade volume.”
The discussions around investment opportunities focused on creating “robust financing schemes and trade insurance programs to facilitate Korean companies’ entry into Nigeria, promising substantial economic benefits for both nations.”
For development projects, the Nigeria side “secured commitments for developmental support, including infrastructure projects, vocational training centers, and technology advancements in Nigeria,” the minister said.
Both sides are also looking at strategic economic sectors, which highlight Nigeria’s commitment to “partnerships in technology, renewable energy, agriculture, digital economy, and more, fostering sustainable and inclusive growth,” she noted.
In the area of improving business environment, talks between both countries emphasised “recent reforms and policies under the Tinubu administration to create a favourable investment climate, including tax policy reviews and the establishment of Special Economic Zones,” she said.
For future collaborations, the discussion between Nigeria and the South Korean institutions laid the groundwork for the “upcoming MOU between Nigeria and South Korea, setting the stage for even more comprehensive trade and investment cooperation,” according to the minister.
“I am confident that these efforts will yield tangible benefits, bringing us closer to Mr. President’s goal of a diversified and resilient Nigerian economy. Together, we are building a future of shared prosperity,” she said.
She noted she also recently visited the Bahamas and Turkey to strengthen global relations further.
“I will be sharing more details about these fruitful engagements over the next couple of days,” she said.
The visits are part of growing efforts to drive investment in Nigeria.