President Goodluck Jonathan on Monday in Seoul said Nigeria would replicate the experience of the Asian Tigers to transform the nation into a major economy by 2020.?
Jonathan stated this at the Nigeria-Korean Investment Forum on Infrastructure and Energy Development.
The event co-hosted by the Nigerian Embassy and the Korea Chamber of Commerce and Industry brought together more than 150 investors.
The Asian Tigers is a term used in reference to the highly developed economies of? Hong kong, Singapore, South Korea and Taiwan.
These nations and territories were notable for maintaining exceptionally high growth rates (in excess of 7 per cent a year) and rapid industrialisation between the early 1960s and 1990s.
By the 21st century, all four have developed into advanced and high-income economies, specialising in areas of competitive advantage.
While listing the potentialities that abound in the various sectors of the economy, Jonathan urged the investors to especially key into infrastructure and energy development, noting that his administration was committed to diversifying the nation’s economy.
He said Nigeria had a viable market which would guarantee returns, adding that such a partnership in trade and investment would further boost the existing cordial bilateral relations between both nations.
“South Korea is one of the world’s fastest growing economies and Nigeria stands to gain from the partnership; a world of shared prosperity is our common goal,’’ the president said.
He said Nigeria’s population of 167 million, its large market and commitment to democratic freedom had made it an investment destination.
In his comments, Foreign Affairs Minister Olugbenga Ashiru told the investors that Nigeria had put in place incentives that would make investment attractive and profitable.
He urged them to take a cue from the telecommunications sector which, he said, had been experiencing a boom for more than 10 years.
“This is the time to move in full force, and not sit on the fence; I implore you to take advantage of the opportunities and invest in Nigeria’s power and energy sector,’’Ashiru said.
He further said that the private sector was fully represented at the forum in line with government’s transformation agenda of driving the economy through the sector.
Nigeria’s Ambassador to Korea, Mr Desmond Akawor, said the forum would enable investors from both countries network and fashion out ways through which Korean investors would invest in Nigeria.
The Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, the Minister of? Power, Prof. Barth Nnaji, the Minister of? Lands, Housing and Urban Development, Ms Amal Pepple, and Dr Olusegun Aganga , Minister of Trade and Investment, were resource persons at the forum.
The one-day forum is the first of its kind since both nations established diplomatic relations 32 years ago. (NAN)