The Republic of Korea has expressed its intention to invest in Nigeria, with a specific focus on sectors such as agriculture, energy, natural resources, cyberspace, biotechnology, and oil refinery. Mr. Jang Sungmin, the Special Envoy of the President of Korea, made this announcement during a press briefing in Abuja. Sungmin had recently held meetings with Vice President Kashim Shettima and other high-ranking government officials.
The purpose of Sungmin’s visit was to explore opportunities for expanding Korean economic cooperation with Nigeria, particularly in light of President Tinubu’s commitment to opening up the country to foreign investments. Sungmin noted that President Yoon had previously announced a policy to expand cooperation with Africa and had recently sent a special envoy to Nigeria’s President Tinubu’s inauguration. Sungmin emphasized that Korea sees Nigeria as Africa’s gateway to the world and highlighted Nigeria’s status as the largest market and most populous country on the continent.
According to Sungmin, Korea is well-equipped with technological and economic know-how to lead the fourth industrial revolution. He expressed Korea’s willingness to deepen cooperation with Nigeria, particularly in areas such as agriculture, cyberspace, security, biotechnology, oil refinery, and more. Sungmin recognized Nigeria’s new administration for opening up the country for business and expressed Korea’s desire to explore the numerous opportunities available. He added that Korea aims to cooperate with Nigeria in a more tailored way, leveraging its technological expertise, skills, human resources, and capacity to enhance Nigeria’s economic development.
The special envoy assured that more Korean delegations would visit Nigeria to further explore areas of cooperation and investment. Sungmin also reaffirmed Korea’s commitment to providing development assistance to Nigeria and other countries that share common values.
The Korean delegation, led by Sungmin, includes Mr. Kim Young-chae, the South Korean ambassador to Nigeria; Mr. Yoo Chang-ho, Deputy Secretary to the President for Future Policy; Mr. Guillaume Barthe-Dejean, Vice President of SK; Mr. Kim Inkyu, Chief Financial Officer of LG Electronics Nigeria Corp.; Mr. Choi Jungwon, Economic Attaché at the Korean Embassy in Nigeria, and Ms. Park Hyesong from the Korea International Development Agency.
