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FG seeks Korea’s investment in electric vehicle projects in Nigeria, assures of incentives

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The federal government of Nigeria wants its South Korean counterpart to invest in electric vehicle projects in Nigeria.

This was disclosed by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar via his X page on Wednesday.

The request was made during his meeting with a Korean official at the sidelines of the Korea-Africa 2-day Summit.

The summit already saw the South Korean government pledging about $24 billion for the development and trade benefits of African countries including Nigeria.

Nigeria’s Request
Tuggar disclosed that Nigeria was conducive enough to accommodate Korea’s electric vehicle projects.

The call is apparently part of the Nigerian government’s move to diversify its economic from overdependence on crude oil products.

He stated,

“During a productive bilateral meeting at the Korea-Africa Business Summit, I engaged with my Korean counterpart to explore enhanced cooperation.

emerging as the world’s 5th largest electric car seller last year, following BYD, Tesla, VW and Stellantis, as of 2023.

“We focused on strategic areas such as Liquefied Natural Gas (LNG), automotive processes, and potential investments in electric vehicle projects.

“I emphasized Nigeria’s commitment to facilitating Korean investments with incentives and ensuring the security of Korean citizens and assets.”

Also, Tuggar acknowledged the significant contributions of the Korea International Cooperation Agency (KOICA) in Nigeria, particularly in education and entrepreneurship.

He called for the expansion of these initiatives, advocating for increased support in language training and cultural exchange programs.

He called for the expansion of these initiatives, advocating for increased support in language training and cultural exchange programs.

He reiterated Nigeria’s aspiration for a seat on the United Nations Security Council, highlighting the country’s role in Africa and our commitment to promoting denuclearization and peace in crisis-stricken regions.

“In defense, I called for heightened cooperation, seeking support in access to kinetic and non-kinetic weaponry to address the conflicts in the North-East of Nigeria and surrounding communities,” he added.

From the Korean side,

it prides itself on its Korean businesses whose presence in Nigeria is playing a huge role in resource development and construction.

“In construction, the total value of orders received by Korean companies reached US$ 15 billion in 2020, which means that Nigeria is by far the biggest construction market to Korea among Sub-Sahara African countries,” the statement on the Korean government website partly reads.

According to data from the Korean government, InvestKorea, South Korea’s automobile industry produced more than 400,000 electric vehicles, and exports reached 267,000 units in 2022, making Korea, the world’s fifth-largest automobile producer, with its home-based Hyundai Motor Group emerging as the world’s 5th largest electric car seller last year, following BYD, Tesla, VW and Stellantis, as of 2023.

Hence, FG’s plan to offer incentives to Korea is its way of attracting investment from a big player in EV production.

The Director General of the National Automotive Design and Development Council (NADDC), Mr Joseph Osanipin, had said the government recognised the level of investment EVs could bring to the country, adding that the current administration was committed to collaborating with relevant stakeholders to support such innovations.

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Meta Hit With $220m Fine For Violating Nigeria’s Data Protection Law

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The Federal Government of Nigeria has imposed a $220 million penalty on Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, for violating the country’s data privacy laws.

The Federal Competition and Consumer Protection Commission (FCCPC) announced the fine on Friday, after conducting a thorough 38-month investigation into Meta’s data privacy practices and market behavior.

The investigation, conducted jointly with the Nigeria Data Protection Commission (NDPC), revealed extensive and ongoing violations of Nigerian laws, including the unauthorized appropriation of personal data without user consent, discriminatory practices against Nigerian users, and the abuse of Meta’s dominant market position.

The FCCPC’s final order mandates Meta to take corrective actions to comply with Nigerian laws, including ensuring users’ right to data self-determination, ceasing unauthorized data transfers, and eliminating discriminatory practices.

The penalty imposed on Meta is one of the largest in Nigeria’s history, reflecting the gravity of the company’s violations.

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We Paid N543.9 Billion Tax To Nigerian Government In 2023 – MTN

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MTN Nigeria Communication Plc. said it paid the sum of N543.9 billion in taxes and levies to the Nigerian government in 2023.

The company disclosed this in its 2023 sustainability report released over the weekend, which highlights its Environmental, Social, and Governance (ESG) practices.

 

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Nigeria To Develop Indigenous Blockchain, “Nigerium”, To Ensure Data Sovereignty

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Here are some key points about Nigeria’s development of the indigenous blockchain, “Nigerium”

The National Information Technology Development Agency (NITDA) has announced plans to develop a homegrown blockchain, dubbed “Nigerium”, to safeguard the country’s data and ensure national security.

The idea of developing Nigerium was presented by a delegation from the University of Hertfordshire Law School.

The delegation also recommended that Nigeria establish a data embassy, a server hosted in a third-party country that would provide digital continuity and protection for the country’s data.

The development of Nigerium is expected to be a collaborative effort between NITDA and relevant stakeholders, including government agencies and private sector organizations.

On May 3, 2023, the Nigerian government approved a National Blockchain Policy for Nigeria (“Policy”).

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