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Nigeria On Line to Benefit Massively from Korean $24 billion Assistance to Africa- Envoy

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Nigeria On Line to Benefit Massively from Korean $24 billion Assistance to Africa- Envoy

By: Michael Mike

Ambassador of the Republic of Korea to the country, Ambassador Kim Pankyu has said Nigeria is among the top contenders to benefit from his country’s $10 billion development assistance to Africa.

He also said Nigeria also stand tall to benefit from the $14 billion boost to Korean companies to encourage their activities in Africa.

Speaking at at the Korean National Day Reception in Abuja at the weekend, the envoy said: “During the Korea-Africa Summit, my President announced that Korea would continue to expand official development assistance up to ten billion US dollars by 2030 as a catalyst for projects for cooperation with Africa.

“In addition, he committed to provide fourteen billion US dollars to Korean companies by 2030 to encourage their activities in Africa.

“I am happy to share the news that
recently an intra-governmental task force team has been composed to follow up on the economic partnership agreements made on the occasion of the Korea-Africa Summit.
Since Nigeria is a leading economy and the biggest market in Africa I believe that the partnership between Korea and Nigeria will be one of the most vibrant ones in the years to come.”

He added that: “In fact, we are already witnessing meaningful progress. During the third quarter of this year, the trade between Korea and Nigeria increased by fifty-five percent. In particular, I would like to point out the fact that the import from Nigeria to Korea increased by ninety-one percent. I believe that this positive development will continue as more and more Koreans are interested in Nigeria and more and more Nigerians are interested in Korea.”

Speaking in the level of relationship between the two countries, the Ambassador said: “When I first came to Abuja earlier this year, I was pleasantly surprised by Nigerian people’s high interest in Korean culture such as Korean language, K-drama, K-pop and K-food.

“I had an opportunity to observe K-food contest in Abuja and was deeply impressed by the Korean foods made by Nigerian chefs. When I observed Taekwondo championship in Abuja recently I had a feeling that in a few years the number of gold medals that Korean athletes win at the Olympics may decrease due to brilliant Nigerian athletes. My fellow Koreans may be disappointed, but as a former Korean ambassador to Nigeria I will be happy to watch that. I believe these kinds of cultural exchanges between our two countries
will strengthen our bonds of friendship and mutual understanding. Furthermore, I think there is a huge potential for cooperation between the two countries in the creative economy.”

On his part, the Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar said:
“Over the years, the world has witnessed the remarkable process that led to the emergence of Korea as one of the economic giants of Asia and one of the strongest economies in the world. The success story of Korea following the war in 1953, global economic downturns and the COVID-19 pandemic is a testament to the strength, determination and resilience of successive governments as well as the patriotism of the good people of Korea.

The Minister, who was represented by the Director of Regions in the Ministry of Foreign Affairs, Ambassador Janet Olisa, said: “I wish to commend the government of Korea for the efforts towards increased cooperation with Africa with the overall aim of achieving shared development through sustainable economic partnerships. The successful hosting of the first Korea – Africa Summit in Seoul in June 2024 is definitely a positive step towards a formidable partnership. Nigeria expresses its appreciation to the government of Korea for its decision, which was announced during the Summit, to extend its Trade and Investment Promotion Frameworks to Africa and to increase its investment and Official Development Assistance (ODA) to the continent.”

He noted that: “Nigeria and Korea have enjoyed excellent and vibrant relations since the establishment of diplomatic relations in 1980. These relations have continued to grow in leaps and bounds across various sectors, including political, economic, cultural and people-to-people relations. On the political front, the two countries have, in recent years, witnessed the exchange of high-level visits, the signing of significant MoUs, as well as the successful hosting of six sessions of the Nigeria – Korea Joint Commission. It is hoped that these relations will be elevated to a more strategic relationship with the highest level of engagement.

“In the economic sector, there have been close collaborations between the two countries in the fields of construction/heavy-duty industries, electronics and chemicals production. There is a significant number of Korean companies registered and doing business in Nigeria, including prominent companies like Samsung, Daewoo, and Hyundai Heavy Duty Industries, as well as LG, Samsung Electronics, and the Lotte Chemical industry. These companies have contributed immensely to the growth of the Nigerian GDP and have created job opportunities in the country..”

The Minister added that: “With the increasing momentum in our bilateral relations and improved trade relations, I am optimistic that both sides will work assiduously towards achieving a significant increase in the volume of trade for the mutual benefit of both nations.”

Nigeria On Line to Benefit Massively from Korean $24 billion Assistance to Africa- Envoy

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NISER, NiDCOM Advocate Stronger Diaspora Policy to Boost National Development

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NISER, NiDCOM Advocate Stronger Diaspora Policy to Boost National Development

By: Michael Mike

The Nigerian Institute of Social and Economic Research (NISER), in partnership with the Nigerians in Diaspora Commission (NiDCOM), has called for a more robust and coordinated diaspora policy framework to enhance Nigeria’s development prospects.

This call was made on Tuesday during a high-level validation workshop convened to review findings from a comprehensive diaspora study spanning six continents. The initiative aims to strengthen engagement with Nigerians abroad and maximize their contributions to the country’s economic and social growth.

In her opening remarks, NISER Director-General, Antonia Taiye Simbine, described the Nigerian diaspora as a critical national asset, noting that annual remittances exceed $20 billion—one of the highest in Africa.

She emphasized that beyond financial contributions, diaspora Nigerians bring valuable expertise, innovation, and international networks that can significantly enhance national competitiveness.

Despite these advantages, Simbine pointed to persistent challenges hindering effective engagement, including inconsistent policies, weak institutional coordination, regulatory constraints, and trust gaps between stakeholders.

She stressed that the validation workshop provides an opportunity to refine the study’s recommendations, ensuring they are practical, inclusive, and capable of driving meaningful impact.

Also speaking, NiDCOM Chairman/CEO, Abike Dabiri-Erewa, urged a strategic shift in how diaspora remittances are utilized. According to her, Nigeria must transition “from remittances for consumption to remittances for investment.”

Dabiri-Erewa highlighted the global competitiveness of Nigerians abroad, noting their contributions across key sectors such as healthcare, technology, and governance. She explained that the study’s findings would help shape a structured roadmap for diaspora engagement, anchored on improved policy coordination, investment-friendly systems, and technology transfer.

She further underscored the need for data-driven policymaking, adding that Nigeria must intentionally transform the challenge of “brain drain” into opportunities for “brain gain” and “brain circulation.”

Contributing to the discussion, representatives of the Nigerian Medical Association (NMA) emphasized the growing role of diaspora professionals in strengthening Nigeria’s healthcare system. Speaking on behalf of the association’s president, Dr. Bala Muhammad Audu, Dr. Idris Liman noted that innovations such as locally available in vitro fertilisation (IVF) services—once largely accessed abroad—demonstrate the impact of knowledge transfer from Nigerian experts overseas.

He reaffirmed the association’s commitment to fostering collaboration with diaspora medical professionals to improve healthcare delivery and reduce the need for medical tourism.

Participants at the workshop collectively stressed that sustained and well-coordinated diaspora engagement could be transformative for Nigeria’s development. The validation process is expected to yield refined, evidence-based policy recommendations to guide government efforts in integrating diaspora contributions into national planning.

NISER, NiDCOM Advocate Stronger Diaspora Policy to Boost National Development

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UK Launches Creative Fund to Strengthen Nigeria’s Film, Fashion, Music Industries

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UK Launches Creative Fund to Strengthen Nigeria’s Film, Fashion, Music Industries

By: Michael Mike

The UK-Nigeria Tech Hub has unveiled a new Creative Fund aimed at boosting local production capacity across Nigeria’s film, fashion, and music industries.

The initiative, backed by the UK Government, is designed to address critical gaps in technical skills, infrastructure, and access to modern production tools within Nigeria’s creative sector.

The fund aligns with the goals of the UK-Nigeria Economic Transformation and Investment Partnership (ETIP) Creatives Working Group, launched in 2025, and follows commitments made during Bola Ahmed Tinubu’s state visit to the United Kingdom in March 2026.

Speaking on the launch, Director of the Tech Hub, Oyinkansola Akintola-Bello, said the initiative represents a shift from policy discussions to practical action.

She noted that while Nigeria’s creative industry already contributes significantly to the economy, more support is needed to enable creatives to produce high-quality work locally rather than outsourcing key technical processes abroad.

Funded under the UK’s Digital Access Programme and implemented by Tech4Dev, the Creative Fund draws on findings from a 2024 study of Nigeria’s creative ecosystem. The research revealed that the sector employs about 4.2 million people and contributes roughly $3 billion annually to the country’s GDP, despite facing structural challenges.

These challenges include limited access to formal financing, heavy reliance on self-taught skills, and the outsourcing of high-value technical work outside Nigeria.

The fund will support projects across film, fashion, and music, particularly those with strong potential for scalability, job creation, and local impact. It will also help cover technical gaps by funding access to specialists such as visual effects artists, sound engineers, and post-production experts, as well as digital tools like content delivery systems and AI-powered production technologies.

Country Manager for Nigeria and Sub-Saharan Africa at Tech4Dev, Abraham Akpan,, emphasized that the initiative prioritizes inclusion by supporting women-led and youth-driven ventures, as well as underrepresented groups in the creative economy.

He added that the fund is intended to ensure Nigeria’s creative growth is backed by sustainable local talent and infrastructure.

Applications for the Creative Fund are currently open and will be reviewed on a rolling basis. Eligible applicants include creative companies, studios, production houses, fashion enterprises, and music labels with clearly defined technical needs and a commitment to co-investment.

The initiative is expected to strengthen Nigeria’s creative value chain and position the country as a hub for high-quality, locally produced creative content.

UK Launches Creative Fund to Strengthen Nigeria’s Film, Fashion, Music Industries

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NESREA Shuts Down 30 Non-Compliant Facilities Over EIA Violations

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NESREA Shuts Down 30 Non-Compliant Facilities Over EIA Violations

By: Michael Mike

The National Environmental Standards and Regulations Enforcement Agency (NESREA), alongside members of the press, carried out an enforcement exercise in Abuja, sealing 30 facilities over non-compliance with Environmental Impact Assessment (EIA) requirements in the construction sector.

In a speech delivered at the briefing, the Director of Environmental Quality Control, Elijah Udofia, said the affected facilities were found to have violated environmental regulations guiding construction activities, prompting decisive action by the agency.

“These violations were identified through NESREA’s routine inspections and compliance monitoring activities. In addition, these facilities also demonstrated unwillingness to fully comply with regulatory requirements relating to environmental documentation and responsiveness to compliance engagements. Where regulatory communication is clear, time-bound, and evidence-based, failure to respond constitutes a serious breach of compliance obligations and poses risks to both the environment and public health,” he said.

Udofia explained that the construction sector, while vital to national development, poses serious environmental risks when safeguards are ignored, including improper waste management, building on floodplains, uncontrolled emissions, and unsafe handling of materials.

He stressed that NESREA’s actions were in line with its mandate to enforce environmental laws and ensure public safety.

“Environmental compliance is not a choice. The regulations are designed to prevent harm before it occurs and to ensure that construction activities are managed responsibly from the start,” he stated.

He added that the agency moved from engagement to enforcement after the facilities failed to meet compliance requirements or respond adequately to regulatory concerns.

The director outlined the measures taken by NESREA, noting that the enforcement actions were aimed at stopping or curtailing environmentally harmful activities, compelling compliance through regulatory interventions, and ensuring that corrective measures are implemented within stipulated timelines.

“These enforcement steps are consistent with the agency’s powers under the NESREA Act and the National Environmental (Construction Sector) Regulations 2011,” he added.

Sending a strong warning to developers and contractors, Udofia emphasized that environmental documentation is mandatory and must be submitted as required by law. He also urged operators to respond promptly to compliance notices and implement proper environmental safeguards on-site.

“Dust control, waste management, erosion prevention, and safe site practices must be integrated into project execution—not added after problems arise. Compliance is part of project success,” he said.

NESREA also reassured the public that its enforcement actions are based on evidence and due process, not sentiment.

“We will continue to enforce the law fairly and consistently across the country,” Udofia noted.

He further called for cooperation from stakeholders to improve environmental performance across the construction sector.

“While we enforce compliance, we also call on stakeholders to cooperate with NESREA. Communities deserve clean and safe environments, and developers deserve predictable regulatory processes,” he said.

The agency concluded that the enforcement action should serve as a clear warning, reaffirming its commitment to strict enforcement of environmental regulations, especially where violations pose risks to public health and the environment.

NESREA Shuts Down 30 Non-Compliant Facilities Over EIA Violations

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