The Federal Government and the Republic of Korea have sealed an agreement for the construction of aid projects in various sectors of the economy.
The Minister of State for Budget and National Planning, Mrs Zainab Ahmed, signed the agreement on behalf of the Federal Government while the Korean Ambassador to Nigeria, Major General In-Tac-Lee (retd) signed for the Korean government.
A statement from the ministry on Thursday said under the agreement, both governments expressed commitment to work together towards achieving sustainable economic development in Nigeria.
The minister explained that the framework agreement captured projects that were in line with Nigeria’s development priorities as encapsulated in the Economic Recovery and Growth Plan.
The ERGP was launched last year to restore growth by diversifying the economy, stabilising the macroeconomic environment, investing in infrastructure and improving the country’s business environment, amongst others.
The main principles behind the ERGP are to tackle the constraints to growth; leverage the power of the private sector; allow markets to function, while upholding the country’s core values and promoting national cohesion and social inclusion.
The minister said that the Korean government, through the Korea International Corporation Agency, had executed several projects in Nigeria in various sectors of the economy.
She gave some of them as Information and Communication Technology, health, education and agriculture.
Others are the establishment of a modern integrated rice milling complex in Niger State; cassava-processing centres in Enugu, Ogun and Kogi states; donation of rice milling machines to Benue, Bayelsa and Kogi states, equipment and tool kits for the HIV/AIDS to Kogi State.
Ahmed added that the Korean government had played a key role in the development of the e-government master plan.
The e-government master plan is a working document for government policies and project implementation in Nigeria, which is being implemented by the Federal Ministry of Communication Technology.
In his remarks, Lee said Korea was committed to keeping to the terms of the agreement.
He said the government of Korea would continue to support Nigeria to improve economic development as well as fast-track the achievement of common goals.