Nigeria can overcome ‘oil curse’ – Korean Ambassador

31 March 2016, Abuja – The Korean Ambassador to Nigeria, Noh Kyu-duk, has said the outstanding growth witnessed by Nigeria’s non-oil sector recently is a clear indication that the country could overcome the so called ‘oil course’ and emerge as one of the top global economies.

oil price

Crude oil barrels

The Envoy predicted that with current policies of the present administration couple with the peoples’ unlimited growth potentials, the country would achieve massive economic growth in the future.

Consequently, he disclosed his country’s readiness to collaborate with the Nigerian government for economic development, appealing to the Nigerian authorities to look into the issue of double taxation earlier raised by his country.

Kyu-duk, who was speaking with journalists on the Prospects of Korea-Nigeria Economic Cooperation, in Abuja, added that going by the federal government’s stance on economic diversification, Korean companies would invest more in Nigeria.

His words; “I believe that Nigeria will successfully achieve massive economic growth in the near future on the basis of its unlimited growth potentials.

“In recent years, Nigeria’s non-oil sectors including telecommunications, trade and services have enjoyed outstanding growth, leading the country’s GDP growth and finally making the Africa’s largest economy.

“This is a significant indication that Nigeria can overcome the so called ‘oil curse’ and emerge as one of the top global economies. The Buhari government has launched various reform policies such as industrial diversification, job creation, expansion of infrastructure and others.

“The Korean government is interested in partnering with the Nigerian government in the areas of President Buhari’s reform policies. “I am also certain that Korean companies will make contributions to Nigeria’s economic growth by increasing trade volume and their investment in this country.”


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