South Korea renews 14-year MoU on Nigeria’s mining sector

The Republic of South Korea has concluded arrangements to renew the Memorandum of Understanding (MOU) on mineral resources signed with the Nigerian government in 2004.

South Korean Ambassador to Nigeria, Lee In-tae, disclosed this during a courtesy visit to the Minister of State for Mines and Steel Development, Abubakar Bwari, saying his country was willing and ready to invest in the sector.

He explained that South Korea want to find the best way to collaborate with Nigeria in the mining sector since there were abundant mineral resources in the country and strengthen trade between the two countries.

“South Korean investors who are interested to invest in Nigeria, but were hampered by dearth of geological information on types of mineral and make it available where they are found, have now picked interest in its mining” he added.

Speaking earlier, Bwari told the envoy that the Federal Government was ready to learn from South Korea in the area of mineral development and economy.

Meanwhile, in its efforts to boost technology and small businesses, the Lagos State Government has established a Knowledge, Innovation, Technology and Entrepreneurship (KITE) Centre in Yaba.

The centre is linked to the $24 million investment of Facebook CEO, Mark Zuckerberg in Nigerian start-ups, which brought him to the country in 2016.