Home Tags Posts tagged with "BUHARI"
Tag:

BUHARI

BusinessNigeriaWestern Africa

Buhari encourages Korean businesses to invest in Nigeria

by Radarr Africa
written by Radarr Africa

President Muhammadu Buhari Wednesday in Seoul invited top Korean business executives to increase their investments in Nigeria, while his administration would continue to make determined efforts to improve the enabling domestic environment for businesses to flourish.

Speaking during an audience he granted representatives of strategic Korean companies and industries on the sidelines of the World Bio Summit 2022 in the Republic of Korea capital, the president declared that “Nigeria remains committed to creating a stable and enabling business environment for foreign investors through the formulation of sound economic policies and improved governance,” adding that “the security forces have been working assiduously with local communities to ensure the security of lives and properties of Nigerians and foreign investors.”

According to him, “Our administration, has prioritized Power infrastructure under the Presidential Power Initiative. In this regard, Nigeria has procured modern power equipment which was inaugurated in September 2022 as part of the phased project to generate 25,000 megawatts of electricity by 2025. Furthermore, to ensure ease in the clearing of cargo, giant strides have been digitalised of the processes in our Sea-Parts as well as airports.”

Making a case for the country as investment friendly and choice destination, President Buhari further highlighted that, “With a nominal GDP of 431.97 billion USD, Nigeria’s economy remains the largest in Africa with vast human capital and natural resources. The steady improvement from the global economic downturn of 2020 indicates that the Nigerian economy is on firm path of recovery. I implore you, therefore, to take advantage of the many investment opportunities in Nigeria, especially in the areas of Oil and Gas, Trade, Manufacturing, ICT, Creative Industry and Culture exchange. It is worthy of emphasis to underscore that the business environment in Nigeria offers low corporate tax regime/ VAT rates, flexible labour market conditions and simple procedures for establishing businesses.”

Acknowledging some significant investments by Korean companies in Nigeria in the fields of construction or heavy-duty industries, ICT and electronics as well as chemical production estimated as of 2021 at no fewer than twenty registered companies in Nigeria, among which are the Samsung, Daewoo and Hyundai Heavy Duty Industries as well as the LG and Samsung electronics and the Lotte Chemical industry, the Nigerian President expressed delight that these “companies have continued to contribute immensely to the growth of the Nigerian GDP and have created job opportunities in the country.”

According to him, “I look forward to increased investments by Korean private companies in Nigeria as we resolve the issues of enabling relevant agreements such as Investment Promotion and Avoidance of Double Taxation between our two countries.”

The Nigerian leader hoped that his engagements with Korean economic operators in priority areas would be mutually beneficial to both countries and their peoples.

Among the Captains of Industry that made remarks at the event were; Byung-Kwan KIM, Chairman Korean Importers Association; Sam Ka, CEO Korea Ship Building and Offshore Engineering; Seung Il Chow, Chief Operating Officer of Daewoo Engineering and Construction; Jaycee Jung, President/CEO, Samsung Heavy Industries, and Sang Ho Shiu, CEO, Kelon Group.

Speaking from the Nigerian end were Ladi Jadesinmi, Chairman LADOL; Mele Kyari, Group CEO, NNPC Ltd, and Bashir Yusuf Jamo, DG, NIMASA.

Source: Premium Times

0 comment
0 FacebookTwitterPinterestEmail
AfricaAFRICA NEWSEnergyNewsNigeriaOil & GasWestern Africa

Buhari reverses approval of Seplat’s acquisition of ExxonMobil asset

by Radarr Africa
written by Radarr Africa

Shortly after President Muhammadu Buhari authorised the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc, he has made a U-turn on the deal.

Buhari had on Monday approved the acquisition as announced in a statement signed by presidential spokesperson, Garba Shehu.

However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) later expressed its displeasure at the approval, describing it as a regulatory matter.

On Wednesday, Shehu said President Buhari had reversed his authorisation, choosing to support the position of the NUPRC.

According to the media aide, the confusion trailing the deal was due to the non-coordination among the various agencies of government involved.

“It has become clear that the various agencies involved in decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported,” Shehu told Premium Times.

ALSO READ: Buhari approves Seplat Energy acquisition of $ 1.283bn Mobil assets

But when asked by TheCable whether there would be proper communication over the issue, the presidential spokesman said, “I have no statement to issue”.

In May, the commission declined to approve the proposed acquisition due to what it described as overriding national interest.

Owing to the development, Seplat Energy in a corporate filing on Wednesday, said it followed due process in the acquisition of the assets.

Source: Channels

0 comment
0 FacebookTwitterPinterestEmail
EducationWestern Africa

ASUU Strike continues; Education is priority, Buhari says in a statement to commemorate Children’s day

by Radarr Africa
written by Radarr Africa

Nigerian public universities for more than three months have been closed as ASUU Strike continues. President Muhammadu Buhari insists that Education is priority as his administration is committed to ensuring access to education for every child.

Nigeria’s university-based unions including the Academic Staff Union of Universities (ASUU), the Senior Staff Association of Nigerian Universities (SSANU), the Non-Academic Union of Allied and Educational Institutions (NASU) and the National Association of Academic Technologists (NAAT) have downed tools for months, crippling activities on the nation’s tertiary institutions.

ALSO READ: How ASUU strike ignited my passion for farming – Student

The Federal government have not met their demands which include better funding for the university system and welfare for their members. this has led to the continued strike.

To commemorate this year’s International Children’s Day, marked on May 27 every year, President Buhari in a statement said the education of the Nigerian child will remain on the front burner for his government.

He went further to state that he is committed to education and will continue to work hard to ensure that every child has access to education, which prepares them for a bright future.

“Other issues – healthcare, protection from harm, drugs, cultism, child trafficking and abuse, domestic violence- are equally receiving needed attention from the government,” he said in a statement by Femi Adesina, his special adviser on media and publicity.

The statement noted that the president recognized the place of education in the development of every country.

‘‘With our investments in infrastructure, youth development, education, Information and Communication Technology, Digital Economy, Culture, Arts and Entertainment in the last seven years, I believe we are laying a solid foundation for a better quality of life for future generations in the country,’’ he said.

The statement also quoted Mr. Buhari to have said that Nigerian children deserve the best and a safe country where they can grow, make friends, interact and travel freely, and emerge as successful leaders in different fields.

0 comment
0 FacebookTwitterPinterestEmail