Nigeria is the largest economy in Africa and, according to Goldman Sachs, one the next 11 countries with a high potential of becoming among the world’s largest economies in the 21st century.

Moreover, Nigeria is the most populous country in Africa with 188.5 million people estimated to be 480 million by 2050. It is a youthful population. Over 36% are between 15-35 years. As regarding its market access, Nigeria is advantageously located in the Gulf of Guinea with direct freight access to North America, South America, Europe, and Asia. Nigeria can be the production hub to access the developed markets of North America and Europe, which have a combined GDP of over US$43 trillion.

As such, this year’s Nigeria National Day reception held on Oct. 1st evening in a downtown hotel Seoul was focused on investment opportunities Nigeria can offer for foreign investors including Korea.

Concering Korean companies’ investment into Nigeria market, Nigeria Amb. Amin Muhammad Dalhatu said: “Over the years, there has been steady rise in economic engagement between our two countries. As a testimony of this vibrant engagement, many Korean companies are doing business Nigeria in various sectors such as: oil and gas, electricity, infrastructure development, automobile, LNG plants, crude oil transportation and LNG carriers. Only recently, an offshore production platform, built by Samsung Heavy Industries (SHI), at the cost of $3.3 billion, arrived in Nigeria and is being deployed to production site. Korean businesses are expanding their presence in other sectors as well.”

What was noteworthty during Amb. Dalhatu’s speech, was his mentioning about recent positive development on the peninsula regarding peaceful denuclearization etc. Nigeria is pleased to note the rapid developments of the peace initiatives through the foundation laid by the last Winter Olympics, sustained by third inter-Korean summit, consolidated by Singapore Summit and most recently, the successful Inter-Korean Summit held from 18th to 20th September, 2018, Dalhatu said.

Nigeria notes these boldi nitiatives with great delight and looks forward to seeing the complete denuclearization and eventual peaceful reunification of the Korean Peninsula in the nearest future, Dalhatu added..

For the April issue of the Seoulcity magazine as well, Nigeria envoy contributed his article as follows: “The Embassy of the Federal Republic of Nigeria is pleased to be invited among other Embassies to congratulate His Excellency President Moon Jae-in on the forthcoming 3rd South-North Korea Summit between the two leaders.

As a member of diplomatic community, the Embassy firmly believes in the potency of diplomacy as the key to resolving all comtemporary issues, including the denuclearization of the peninsula.

The Embassy hereby reassures that Nigeria, as a peace loving country, is ready to continue to be supportive of any peace initiative, either bilaterally or multilaterally, in order to bring about lasting peace in the peninsula.“