Manufacturing sector: Tinubu urges stronger partnerships, says Nigeria’s investment climate bolstered by reforms

President Bola Ahmed Tinubu on Friday in Abuja said Nigeria’s investment climate had been bolstered by critical new reforms, with an array of opportunities across sectors for investors.

He said this during the presentation of a letter of credence by the ambassador of the Republic of Korea to Nigeria, Vice-Admiral Kim Pan Kyu, at the State House.

According to the president, Nigeria is a huge market for Korean products, particularly for Korean goods manufactured and produced in Nigeria, and emphasised that Nigerian goods would be of great benefit to the Korean market.

Highlighting the favourable economic outlook of the country, the president invited more South Korean companies to leverage “these opportunities by establishing production bases in Nigeria.”

He said, “I am glad that you have a very good knowledge of Nigeria and appreciate the role of our country in Africa. Our doors are open for economic opportunities and trade, and I acknowledge that several South Korean companies and products are firmly entrenched in the Nigerian market.

“’Nigerians appreciate South Korean technology, and Nigerian products can also be beneficial to South Korean markets. You need to bring more of your companies and manufacturing plants here. We have everything your industries require to excel as we progress over the near-term. We can partner on skill development and the systematic transfer of knowledge to further empower our country’s innovative youth population.

“We have investment opportunities in the solid mineral sector and other areas, and cooperation in these areas will strengthen our bilateral relations.”

G20 Summit

Recounting his fruitful discussions with President Yoon Suk Yeol during the G20 Summit, in New Delhi, India, in 2023, and their mutual commitment to strengthen cooperation, President Tinubu pledged to build on the outcome of that meeting to further expand bilateral ties.

He welcomed an invitation from President Yoon to attend the first-ever South Korea-Africa Summit from June 4 to June 5, 2024, in Seoul, South Korea, and directed Nigeria’s Ministry of Foreign Affairs to keep him abreast of the matter.

Envoys’ remarks

Ambassador Kim underscored President Tinubu’s pivotal role as the chairman of ECOWAS Authority of Heads of State and Government and leader of Africa’s largest economy, population, and democracy.

He said the importance of Nigeria’s participation at the highest level at the Summit to enhance bilateral relations while also creating a future of prosperity for Africa and Korea as genuine partners in progress.

“Your Excellency’s visit to South Korea for the Summit will provide an excellent opportunity to strengthen the relations between the two nations,” the envoy said, after reading a formal invitation from President Yoon.”

The president also received letters of credence from Ambassador Antit Mohsen of Tunisia and High Commissioner Muhali Imbuwa of Zambia.

At the separate events, the president stressed the need to strengthen African unity and brotherhood that not only creates economic opportunities but also works toward eliminating conflicts across the continent.

Speaking with the High Commissioner of Zambia, President Tinubu said African unity and cooperation were important if the continent must overcome perennial conflict.

“We are ready to explore more areas of cooperation that promote African brotherhood and ensure sustainable growth across different sectors and provide economic opportunities for our citizens.

“Our doors are open, and do not hesitate to bring any challenges you may have in the course of your duty to the Ministry of Foreign Affairs,” the president told the Zambian High Commissioner.

In his audience with the Tunisian ambassador, the president affirmed Nigeria’s willingness to deepen partnership with North African countries toward achieving continental prosperity for all African people.

According to him, Nigeria is open for business like never before and that the international community is taking notice, while investor confidence in the country is returning.

He said his government welcomed the new vibrancy and determination the president has brought into national leadership since his inauguration on May 29, 2023.

“We welcome the economic reforms and the enhancement of national security in Nigeria under your leadership. Because of what we have seen, we are emboldened to collaborate on a new level, particularly in the areas of trade, economy, and defence,” the Tunisian envoy said.