From Charity Nwakaudu, Abuja
In continuing effort to diversify, revive and grow the economy for sustainable development and job creation through the Mining Sector, the Federal Government is geared towards establishing strategic collaboration with the Republic of Korea.
Minister of Mines and Steel Development Olamilekan Adegbite stated that Nigeria has collaborative prospects that would be mutually beneficial to both countries, saying ‘limitless opportunities abound for both countries to cooperate on.’
Adegbite while disclosing the Ministry’s effort towards ensuring that raw materials are not taken out of the country without proper beneficiation process for value addition, noted that the mining industry could be a hub for the Korean technological market. He assured of the Federal Government’s commitment towards curbing the spate of insecurity ravaging the country and restore peace.
The Minister of State, Dr Uchechukwu Sampson Ogah, stated that with the about 44 different minerals in commercial quantities in the country, the Ministry is desirous of Korean mining entities to invest and develop the Nigerian Mining Sector for the mutual benefit of both countries, adding that Korea could source raw materials from Nigeria for its manufacturing and technological industries.
Dr Ogah, while soliciting for increased collaboration, suggested a zoom meeting between the Korean investors and the Ministry to enable the latter to educate them of the possible areas of investment in the nation’s mining sector. He noted that the Federal Government’s Policy on the Ease of Doing Business is to offer investors fiscal incentives, investment guarantees as well a stable political and legal environment.
Earlier, Ambassador of the Republic of Korea, Kim Young-Chae, who said he has been in the country for 100 days, disclosed that there are about 23 Korean Companies operating in Nigeria while many others have a huge investment interest in mining sector.
Ambassador Kim Young-Chae noted that achieving policy sustainability as well as the Federal Government’s Policy on the Ease of Doing Business would encourage investors to key into the developmental goals of the administration.