March 26, 2012

Press Release

Nigeria is reviewing the incentives currently being granted to investors, in order to encourage international companies willing to invest in the country.
 

Speaking to a delegation from Samsung Heavy Industries, Korea, during a courtesy call on the sidelines of the Nuclear Security Summit in Seoul, President Goodluck Ebele Jonathan said he has instructed the Ministry of Trade and Investments to review trade incentives for investors willing to come to Nigeria. 

He said, ‘we are willing to support you to establish industries in Nigeria, and I have instructed the Ministry of Trade and Investment to review the incentives available for investors coming to the country’, adding that the Administration was determined to create more jobs for teeming Nigerian youth. 

President Jonathan stated that Government was diligently implementing the local content law in order to build the capacities of Nigerians, strengthen the industrial base, and provide jobs. 

The President expressed appreciation to Samsung for their ‘significant’ contributions to the development of country’s economy, and requested the company to consider increasing the number of Nigerians being trained, as well as the duration of the training.   

Earlier, Mr. In Sik Roh, President and Chief Executive Officer of Samsung Heavy Industries, had expressed appreciation for the privilege to construct the Bonga Oil platform, adding that they were going to commence the training of 20 Nigerians next month. 

At a separate audience, President Jonathan told Daewoo Engineering and Construction Company that Nigeria’s gas infrastructure must be upgraded in order to meet the urgent power needs for speedy industrialization of the country. 

He said, ‘we have abundant gas, but we need to evacuate it to the power stations, through a robust development of our gas infrastructure’, adding that bankable packages are being developed to attract international funding.

The President welcomed Daewoo’s proposal to fund infrastructural development in Nigeria, at agreeable terms and assured the company of Government support. 

Speaking earlier, Daewoo’s president and Chief Executive Officer, Mr. Jong-Uk Seo said the company had been operating in Nigeria since 1978, and was prepared to fund infrastructural development at agreeable terms to give back to the community and to show confidence in Nigeria’s future.
 

President Jonathan also granted audience to a delegation of Hyundai Heavy Industries, led by Mr. I. S. Chun, Senior Executive Vice President/Chief Operating Officer; and a delegation of JD International, led by Mr. David Lee, President/Chief Executive Officer.

 

Musa Aduwak
Special Adviser to the President (Media and Publicity)