- President Tinubu of Nigeria emphasizes the need for increased South Korean investments for local industries, youth employment, and technology transfer
- Discussions with the special envoy of South Korean President Yoon Suk Yeol aim to strengthen trade collaboration and enhance transportation infrastructure
President Bola Ahmed Tinubu of Nigeria has underscored the imperative of increased South Korean investments in establishing local industries geared towards youth employment and technology transfer. This move comes as Nigeria aims to study and emulate the success of South Korea’s national transportation system.
Speaking from the State House in Abuja on Friday, President Tinubu engaged in discussions with Mr. Won Hee-Ryong, the special envoy of South Korean President Yoon Suk Yeol. The primary focus of their talks was exploring opportunities for expanded investment and trade collaboration across various sectors within Nigeria’s economy.
This meeting was a follow-up to fruitful discussions between President Tinubu and South Korean President Yoon Suk Yeol during the G-20 Leaders’ Summit held in New Delhi, India.
President Tinubu expressed his enthusiasm for this project, recognizing it as a significant opportunity for mutually beneficial collaboration and developing a pragmatic and dynamic business partnership. Nigeria is committed to enhancing South Korean involvement in transforming the nation’s comprehensive, multi-modal transportation system.
“Nigeria stands as the largest economy in Africa, boasting an energetic and youthful population eager to drive progress,” President Tinubu affirmed. “We are resolute in our determination to remove any barriers that might obstruct the flow of investments between our two great nations,” he stated, according to his spokesman, Ajuri Ngelale.
President Tinubu further conveyed his appreciation for President Yoon’s acknowledgement of their requests and the significance of Nigeria within the African context. This sentiment was exemplified by appointing a special envoy to strengthen further the bilateral relationship that has flourished over the years.
Mr. Won Hee-Ryong, acting as the special envoy, delivered President Yoon’s letter to President Tinubu, outlining the South Korean president’s directives to relevant South Korean ministries. The instructions involve the diligent implementation of important projects discussed during their meeting on the sidelines of the G-20 Summit, including the finalization of the Trade and Investment Promotion Framework (TIPF) between the two nations.
This initiative signifies a significant step toward fostering economic cooperation and knowledge exchange between Nigeria and South Korea, particularly in transportation infrastructure. With their commitment to nurturing this partnership, both nations aim to pave the way for a brighter, more interconnected future.