By Akoma Chinweoke
Nigeria is inviting Koreans in electricity generation and distribution including construction of new hydro plants, coal power plants, solar and wind power plants.

The invitation to facilitate the roadmap on power was extended when a Nigerian government trade mission visited South Korea.

The delegation was led by the minister of foreign affairs, Mr. Odein Ajumogobia.
The visit was to explore new fields of economic partnership and strengthen bilateral relations between the two countries in the areas of power, oil and gas, maritime and shipping.

Ajumogobia told the Koreans that the on-going reforms in power sector, oil & gas, banking and electoral process were positive indications of Nigeria’s readiness for Foreign Direct Investment (FDI).

The Koreans were also invited to invest in river dredging, development of inland container depots (ICDs), construction of offshore ports, establishment of maritime academies, other maritime infrastructure and to provide support for training of seafarers, exchange programme for maritime administration pointing out that the socio-cultural background of the Niger Delta communities provides

Addressing top officials of Korea’s leading logistics and shipbuilding company, STX Offshore & Shipbuilding group and other Korean entrepreneurs in Seoul, during the visit, the director-general of Nigerian Maritime Administration and Safety Agency (NIMASA), Mr. Temisan Omatseye said the Nigerian government has, in the last one decade, taken bold initiatives to encourage public and private sector partnership in all spheres of the country’s economy, particularly the rapid development of the nation’s maritime industry.

He explained that to underscore the high priority government accords the development of the maritime sector, “a comprehensive sector specific incentives have been worked out purposely to encourage private sector investment in shipping and related marine based services”.

The NIMASA director general enumerated some of the benefits to be enjoyed by investors in the Nigerian economy to include a huge population with strong demand for goods and services, fast growing economy that is in a rush to develop key economic infrastructure such as shipping, trade capacities as well as transport facilities, an import dependent economy with enormous shipping and logistic demands, huge oil and gas industry with enormous reserves, modern physical and communication infrastructure, robust natural resources endowments including extensive arable land for large scale farming, many precious solid minerals for industrial processing, as well as a predominately young and resourceful population.

Omatseye disclosed that the level of investment required to make the maritime industry in Nigeria globally competitive is enormous and cannot be provided alone by the government due to dwindling resources and growing social services, therefore, partnering with private sector operators has become imperative, more so now that government has provided the regulatory and institutional structure to encourage public-private partnerships in the maritime industry with laws such as the ICRC Act of 2005, NIMASA Act of 2007 and NIPC Act of 1999 respectively.

Earlier in his welcome address at the seminar organised by the Korea Chambers of Commerce and Industry (KCCI) and the Nigerian Embassy in Seoul under the theme:

‘Opportunities for Investment in Nigeria’, the KCCI president noted that economic and bilateral relations between Korea and Nigeria which has been built over the years started since 1980 and Nigeria is now the second largest exporter to South Korea from Africa.