TheCable

Udoma Udo Udoma, minister of budget and national planning, has pleaded with the Korean government to encourage its companies to pursue investments in Nigeria.

Speaking in Abuja on Thursday when he received Lee In-tae, Korean ambassador to Nigeria, Udoma said although Nigeria appreciates Korea’s assistance in grants and aids, it would also appreciate more Korean investments.

The minister said Nigeria has abundant investment opportunities especially in the areas of agriculture and transportation, power and gas as well as manufacturing and processing.

“Apart from the technical assistance and grants that you have been giving us, we would appreciate investments. Please encourage Korean companies to come and invest in Nigeria,” a statement by Akpandem James, special adviser to the minister, quoted him to have said.

Udoma said Nigeria has a lot to learn from Korea given how the Asian country moved from an underdeveloped economy to an industrial giant especially in the areas of car manufacturing, electronics and shipbuilding in 50 years.

Udoma expressed satisfaction at the interventions made so far by the Korean government through the Korean International Cooperation Agency (KOICA) are in line with the priority areas of the Nigerian government as set out in the ERGP which include agriculture, health, education and human capital development.

He assured the Korean team, which included Song Yong-Min, deputy head of mission, and Sook Hyun Park, the country director and regional representative of KOICA, of high-level support and representation by the Nigerian government in KOICA activities.

In his speech, In-tae, pledged to be a bridge between Korean investors and Nigeria, to drive investments and other economic activities between the two countries. He said his visit was also to discuss the signing of the Framework Agreement for Grant Aid.