Nigeria Export Processing Zones Authority, NEPZA, says the application of its Alternative Dispute Resolution,ADR, has led to resolving despute between LADOL and Samsung thereby resulting to about $300 Foreign Direct Investment, FDI into Nigeria.
The Managing Director of NEPZA, Prof. Adesoji Adesugba made this known in Abuja during the signing of Memorandum of Understanding, MOU, towards resolving over five years disagreement between the two parties.
According to him, the move is in line with the directive of President Muhammadu Buhari to resolve the issue.
He said as a result of the MOU, several Korean companies are reported to be making plans to enter Nigerian market in several sectors.
Prof. Adesugba stated that the MOU raised invèstors confidence in Nigeria.
“Several companies from South Korea and South East Asia were surprised that Nigeria applied ADR and resolved an intractable operational despite between Samsung , a South Korean giant and Ladol , a Nigerian free zone operator” he added.
In a remark, the Founder of LADOL Mr Ladi Jadesimi commended President Buhari and NEPZA for resolving the disagreement between both parties.
He said the move would further enhance national economic development.
By MATHEW AYOOLA