Nigeria, Korea trade volume soars by 38.6% to $2.2b — News — The Guardian Nigeria News – Nigeria and World News

Bilateral trade between Nigeria and Korea increased by 38.6 percent to over $2.2 billion in 2024, the country’s Ambassador to Nigeria, Kim Pankyu, has said.

Speaking in Abuja on Thursday on the 45th anniversary of relations between both countries, Pankyu described Nigeria as Korea’s most important trade partner on the African continent.

“We are committed to further strengthening our ties, particularly in economic cooperation, security, and people-to-people exchanges. Nigeria remains Korea’s most important trade and investment partner in Africa. It accounts for 10 percent of Korea-Africa trade and over 70 percent of Korea’s project contracts in Africa. In 2024, our bilateral trade increased by 38.6 percent, reaching over 2.2 billion U.S. dollars, reflecting our strong economic partnership,” he stated.

The Ambassador pointed out that securing the Gulf of Guinea is critical for both Nigeria and transit countries like the Republic of Korea, saying, “Every day, several of our merchant ships pass through the Gulf of Guinea, and around 40 of our fishing vessels, carrying hundreds of fishermen, also operate there. We are committed to increasing Korea’s support for capacity-building in the Nigerian military and security sectors.”

On efforts being made to boost Nigeria’s internal security, the Envoy hinted that plans are underway to finalise defense and defense industry cooperation MOUs that have been under discussion for some time.

He also disclosed that KOICA Nigeria is conducting a project to promote digital governance and multimedia learning in primary schools, worth $13 million, which is expected to come on stream next year.

He added, “These contributions demonstrate the mutual trust and friendship between Korea and Nigeria. As Ambassador, I will continue working to facilitate our long-standing partnership for the years ahead.”

The Ambassador stated that given the wide-ranging cooperation between both countries, it is difficult to identify just one area of collaboration.

He said: “Among our many areas of collaboration, I would like to emphasize the investment by leading Korean companies in Nigeria. Daewoo Construction and Samsung Heavy Industries are actively involved in a large-scale project in Nigeria, particularly in natural gas and oil production. LG Electronics and Samsung Electronics are also making significant contributions through Corporate Social Responsibility initiatives, such as providing solar panels and water boreholes to local communities. These economic collaborations not only strengthen our mutual interest but also contribute to Nigeria’s sustainable development. As Africa’s largest economy, most populous country, and the current chair of ECOWAS, Nigeria holds a position of great influence.”

He declared that with continued collaboration between the two countries, he is confident that Nigeria will further strengthen its leadership and potential across the continent.

While not completely discounting the effect of political happenings in Korea on relations with Nigeria and other African nations, Pankyu explained that the domestic situation in Korea is being managed stably.

He added: “Korea’s foreign policy will stay the same regardless of circumstances, and we will continue to work on law and responsibilities. Under this circumstance, our bilateral cooperation will continue to grow.”

He maintained that since his inauguration, President Tino has been committed to attracting foreign investment by creating a more favorable economic environment.

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He insisted that with bilateral trade increasing by over 38 percent this year, the potential for further collaboration is greater than ever.

The Ambassador maintained that the partnership between Nigeria and Korea will be further strengthened by the finalization of key agreements and MoUs, including the Double Taxation Avoidance Agreement (DTAA) and the Memorandum of Understanding on Trade and Investment Promotion.

He stressed, “The Double Taxation Avoidance Agreement was passed by the Nigerian National Assembly in 2019, and we are awaiting presidential approval. Both countries also reviewed the DTAA and the MoU, which we hope will establish a strong foundation for expanded economic and trade cooperation. We remain committed to supporting the Nigerian government’s effort to address challenges facing businesses, including customs clearance procedures, entry visa processing, and electricity supply. As Ambassador, I will continue to do my best to attract Korean investment to Nigeria and strengthen our economic ties.”