The Edo State Governor, Mr. Godwin Obaseki, has urged South Korean investors to invest in the state’s Information, Communication and Technology (ICT), agriculture, tourism and creative sectors.
The governor made the submission at the Nigeria-Korea Business Forum in Seoul 2022, noting that the state is an attractive destination of choice for global investment in different sectors of the economy.
He noted, “I am glad that we are all here seated to chart a path for sustainable development, anchored on exploring opportunities that exist between Nigeria and South Korea. As we all know, the world has changed drastically in the light of rising geo-political tensions, energy crisis and outbreak of deadly pandemics and general economic uncertainties.
“There are new realities that now demand that we stretch out our hands far and wide to draw friends closer. Though, we are blessed with enormous human and natural resources, Nigeria, like many developing countries, have been impacted by the global economic crisis. Our revenues have been severely hit, production is low, food prices are high and citizens are exposed to galloping inflation.”
Obaseki added, “Despite all of these challenges, there is still a plethora of opportunities that can be explored to engender growth and prosperity. South Korea happens to be one of the leading countries pushing the boundaries in innovation and economic growth and has shown overtime that it is a model for all-inclusive economic advancement and prosperity.”
According to him, “the theme for this business forum, 'partnering with South Korea for sustainable development' is apt and speaks to a new thinking, particularly for sub-nationals.”
He said the state government has made critical changes to prepare for foreign investors, noting, “To prepare ourselves for partnerships that would engender growth, we have undertaken a holistic reform of our institutions in Edo State. We have reconfigured our civil and public service to become smarter and more responsive, increased investment in human capital development, prioritized youth development in Information, Communication and Technology (ICT) and have opened up the space for more constructive engagements to boost tourism receipts and grow the creative and entertainment sectors in Edo State.”
The governor added: “These reforms have led to increase in investments in the energy sector with the setting up of energy companies in the state, including the 95MW Ossiomo Power Plant; the 6000bpd Edo Refinery and the 2500bpd Duport Refinery, making the state a hydrocarbon hub in Nigeria. The state boasts of the largest onshore gas reserves in Nigeria, which support these industries with gas.
“We have launched an ambitious plan for the Benin Cultural District, which is intended to leverage the cultural heritage of the ancient Benin Kingdom to create a district that would house world class museums, art centers, cultural boutiques, entertainment and creative hubs and shopping malls.”