Hyundai Engineering Company Limited said on Tuesday that it was on the verge of setting up a car plant in Nigeria.
The South Korean firm also said it would invest in the rehabilitation of the country’s petroleum refineries.
President/Chief Executive Officer of Hyundai Engineering, Mr Chang Hag Kim, stated these during a visit to the President, Major General Muhammadu Buhari (retd.), at the State House, Abuja.
Buhari, while welcoming the proposal, promised that the Federal Government would give the appropriate support to the firm to bring its plan to fruition.
He also informed the CEO that Nigeria was focused on achieving energy security for the country, adding that “the goal is to achieve self-sufficiency in the supply of petroleum products within the next three years.”
A statement by his media aide, Mr Femi Adesina, after the meeting, quoted Buhari as saying, “We will collaborate and support to make the investment a reality.”
Founded in 1967, the 51-year-old Hyundai has over 15,000 engineers and technical staff around the world.
Hag Kim told Buhari that his firm was ready to invest in the Nigerian economy.
“We have been building refineries worldwide.
“We have the biggest in South Korea, with 650, 000 barrels per day capacity. We are also in Venezuela, Iraq, and many other places. We will be glad to contribute our quota in Nigeria,” the CEO stated.