About 14 Korean companies will invest in Nigeria soon, the Korean Ambassador to Nigeria, Lee In-Tae, said on Thursday.
Ambassador Lee also said Korea’s bilateral trade volume with Nigeria rose to $2billion in 2018 due to trade increase between the two countries.
He disclosed this in Abuja at the Korea-Nigeria joint partnership infrastructure seminar.
“Our trade volume in 2018 was two billion US dollars. This is a huge figure, considering that Nigeria’s GDP per capita in 2018 was about 2,050 US dollars. In other words, our trade volume was equal to GDP of nearly one million Nigerians.
“I know this is an impressive figure, but we can be more ambitious. As Korean Ambassador, I would like to see this number grow much bigger.
“Nigeria is a country full of economic potential, and we must seize this opportunity to expand our economic cooperation. We must also work together to build Nigeria’s infrastructure,” he said.
But he said Nigeria’s economy would be stronger if it improved its infrastructure.
“Korea owes its economic growth in large part to the development of its infrastructure. However, our infrastructure would not have been possible without the help of Korean construction companies. And now these Korean companies have become the best in the world and are eager to invest in Nigeria’’, he added.
“Imagine what Nigeria could achieve when its infrastructure becomes world-class. Nigeria would experience economic growth like no other African countries. The Nigerian people will benefit enormously from its superior infrastructure’’, he also said.
He said to help Nigeria fulfill this, best and the largest construction companies in Korea were invited to meet with Nigeria’s public and private companies.
“Their construction skills and technology are one of the most advanced in the world, and they can help build sustainable infrastructure in Nigeria’’, Ambassador Lee told Nigeria’s top officials at the gathering, including the Minister of State Power, Goddy Jedy Agba.
In addition, if Korean companies can help build Nigeria’s infrastructure, Korean companies will also contribute to the success of President Muhammadu Buhari’s efforts to achieve his Economic Recovery and Growth Plan, he said.
“Next year is the 40th anniversary of the establishment of diplomatic relations between Korea and Nigeria. To celebrate our long friendship, now would be a good time to upgrade our economic partnership’’, he said.
In his address, Mr Agba said President Buhari would continue to build more infrastructure across the country.
He said Nigeria’s power infrastructure would continue to be improved upon to take the economy to enviable height.