Nigerian President invites Korean capital to resources from minerals to nuclear

[Photo by Lee Seung-hwan]

Since Nigeria is rich in minerals like lithium, a key material in electric vehicle (EV) and battery production South Korea is strong in, the African country welcomes resource and energy ventures and investments from Korean capital, according to its president Muhammadu Buhari.

“Nigeria is a developing country that is very rich in many of the minerals that are required by Korean industry,” Buhari said, in a written interview with Maeil Business Newspaper, timed with his Seoul visit to attend the World Bio Summit jointly hosted by the Korean government and World Health Organization on Oct. 25-26.

“This visit will serve as an impetus for us to marry the need for Nigeria to exploit these minerals with Korean investment and technological expertise to the mutual benefit of both countries.”

Buhari, who also had a summit with Korean President Yoon Suk-yeol on Wednesday during his first visit in 10 years, stressed that his country can play a role in easing supply shortage of crude oil and natural gas.

“We have the minerals Korea requires, including lithium which is a key component in the production of EV batteries,” he said. “Our oil and gas reserves are equally untapped and with the correct technology can be made green-compliant.”

“Nigeria does plan to be a key part of the present and future supply chains in these areas, which fall under our wider trade and investment framework. We are open for business and the door shall not be closed,” Buhari added.

Buhari, 80, is serving his second term as president of Africa’s largest economy and top oil producer, after being re-elected in 2019 after his first in 2015.

The Nigerian president also called for closer ties in bio health sector, noting Korea a strong industry player that has successfully developed Covid-19 vaccines.

“Africa, especially, and other developing regions of the world, experienced vaccine deficiency during the pandemic and you had situations whereby many development countries, including Korea, had too many vaccines such that they had to throw them away,” Buhari said. “If the pandemic has taught us anything it is that global issues like pandemics need global solutions.”

He noted how Korea is strong in bio health and developed an indigenous Covid-19 vaccine, and countries like Korea should develop vaccines and promote research and development in all forms of infectious diseases like malaria and tuberculosis “that benefits us all.”

Buhari emphasized that one of the main purposes of his visit is to offer Korean businesses opportunities in Nigeria. One of the areas is infrastructure.

“We are interested in Korean companies to address our infrastructure challenges,” Buhari said, mentioning the Korean Overseas Infrastructure and Urban Development Corporation (KIND) was awarded the contract for the construction of the Nairobi-Mombasa Highway, a roadway that could boost Kenya’s national and regional economic growth, through a non-debt funding mechanism.

“This is a model we have employed in Nigeria in the past and believe there are many opportunities for Korea construction companies in Nigeria,” the president said.

Nuclear sector is another area that has potential for ties.

“There is no barrier to Korean companies,” Buhari said. “We welcome collaboration with companies from all our friends, especially Korea.”

[ㄏ Maeil Business Newspaper & mk.co.kr, All rights reserved]