PPP: South Korea introduces flexible business model, focuses on more investments in Nigeria 

South Korea Republic has revealed its intention to introduce flexible business model in a bid to intensify Public Private Partnerships (PPP) with other countries of the world.

Senior Secretary and Special Envoy of the President of South Korea, Jang Sungmin, who revealed this in Abuja while speaking with newsmen said time has gone when the private sector is left on it’s own with public support.

He said with closer business collaboration, more could be achieved in many ways at all times.

“There are issues where the government/public and the private sector need to cooperate, especially when it comes to global challenges that cannot just be achieved by the public sector or by just the private sector alone.

“President Yeol’s new model looks towards a government-to-government partnership as a basic foundation, but leaving the doors open for the very flexible involvement of the private sector. In making government to government agreements, we will allow for more mutual, complementary model for not only the government and the private sector, but also the countries involved,” he said.

Accompanied by other top government functionaries and Guillame Barthe-Dejean, the Vice President of SK Group, second largest Korean chaebol behind Samsung, the Special Envoy particularly said South Korea is interested and committed to economic cooperation with Nigeria, adding, “Nigeria is the gateway to Africa. Nigeria has the biggest market in Africa, the largest natural resources and arable land in Africa, all criteria for economic power in Africa.

“President Yoon Suk Yeol believes that by discovering avenues for further economic cooperation will lead to economic prosperity and a faster economic development for Nigeria.

“Before, we use to receive from other developed countries, now we have grown and we give back to the International community. As a country that now give assistant, we look forward to assisting Nigeria to grow in the areas of energy, security, agriculture, biotechnology, refinery among others.”

On his part, Barthe-Dejean said investments from Korea to Nigeria and other parts of Africa are targeting at improving the livelihood and overall wellbeing of the people in the areas of job creation and general economic stabilisation.

He said, “Our intention is to invest in large scale capital projects that span decades. Korean companies not only fund projects but support the entire lifecycles of projects – which translates to employment and technological transfers.”

The high-powered Korean government delegation came to Nigeria weeks after the current administration of President Bola Tinubu took took over on May 29, 2023.

With Tinubu outside Nigeria then, they visited Vice President Kashim Shettima in Abuja, Nigeria’s capital on the Eid-el-Kabir celebration week.