From Kenneth Udeh, Abuja
As preparation gears up for the historic Korea-Africa Summit, scheduled for Seoul, Korea from June 4 to 5, 2024, the Africa Korea Economic Development Association (AKEDA) Nigeria chapter has outlined benefits of Nigeria’s participation at the Global event.
The group in a press release signed by its chairman, Yuccee Uwah in Abuja on Tuesday, disclosed that as the summit draws near, it is imperative for the Nigeria delegation to identify the core of priorities that will accelerate economic development and inclusive growth by adopting a result-based engagement during the summit.
The summit is expected to witness the participation of 54 countries in Africa, multilateral agencies, regional development banks and the United Nations system.
The Summit Yucee hinted is being organized by the government of Korea and will require a strategic approach that delivers results, focused on key areas of development objectives of each participating country and entities.
He said; “For anyone conversant with this type of engagement, it is important to outline strategic objectives which provide a pathway for engagement with specific sector leaders and players enabling a successful design and implementation process.”
“In our view, Nigeria needs to develop thematic areas of interests that should determine her engagements in sync with the country’s development objectives, goals and expectations that delivers resulting in improved livelihoods for millions of citizens.
According to the AKEDA Chairman it is expected for Nigeria’s delegation to prioritize the core agenda of President Bola Tinubu’s renewed hope agenda.
He explained; “with its different thematic areas and tie it with sectors where Korea has comparative advantage and ready to collaborate in advancing Korea-Nigeria strategic partnership, shared prosperity, and collective achievements through strengthening cooperation.
“As stakeholders in both Africa and Korea, AKEDA would like to advise the Nigeria delegation to identify key priorities to accelerate economic development and foster mutually beneficial partnerships before and after the summit.
Highlighting the benefits of the summit to Nigeria’s industrialization, Yuccee stated that President Tinubu’s agenda is at the forefront of policy objectives and that by engaging with Korean manufacturers and industry leaders may lead to new investment in the sector through guided and targeted engagement and partnership that is mutually beneficial to all partners on both sides.
He gave more insights; For instance, Korea’s experience in industrialization, which was achieved through the booth-strap, may be beneficial to Nigeria, which at the moment requires such.
“This model could be replicated across all sectors of the economy where Korea has comparative advantages and vis-à-vis sectors where Nigeria has comparative advantages. This is how to transfer technology, shared knowledge and jump start a massive development process that delivers results.
“Therefore, leveraging Korea’s expertise in technology and production, will rob off Nigeria’s quest to enhance its industrial capacity and create jobs for its growing population”.
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