Trade between Nigeria, Korea may exceed $2b as investment interest grows

There are 20 Korean companies operating in Nigeria with trade volume between both countries expected to hit $2 billion this year, representing about 20 per cent growth, the Ambassador of the Republic of Korea to Nigeria, Kim Young-chae has said.

The Ambassador, who stated this in Abuja at the Korea national day, said the occasion was aimed at further strengthening the bilateral relations between Nigeria and the Republic of Korea.

“Since I arrived in Abuja in January last year, I have had the pleasure to witness the growing bilateral relations between my country and the great nation of Nigeria. The bilateral trade is expected to reach over $2 billion with a 20 per cent increase this year.

“About 20 Korean companies are currently active in Nigeria. It is noteworthy among them that Daewoo ENC is a major partner of the Nigerian oil and gas sector, and Samsung Heavy Industry invested more than $300 million to build an ultra-modern shipyard in Lagos port,” he stated.

The envoy also hinted that the Korean cultural centre is breaking new ground in Nigeria with the signing of memoranda of understanding with television stations and universities on educational and cultural exchanges that will further strengthen the relations between the two countries.

He added: “The Korean Cultural Centre is reaching out to more Nigerians by signing MoUs with universities and TV stations. I recognise, with great satisfaction, the rising popularity of Korean music, movie and drama among Nigerians, particularly among the young generation. Our development agency KOICA is expanding its activities in training, education, e-government and humanitarian assistance.”

He explained that education exchange between both countries has seen more than 2,500 Nigerians studying in Korea under the KOICA training programme, saying that efforts are ongoing to connect the Korean and Nigerian business communities to build mutually beneficial relations.

“More than 2,500 Nigerian government officials have enjoyed study opportunities in Korea under the KOICA Training Programme. Our trade and investment agency Kotra is connecting Korean and Nigerian companies so that they build long-term reliable partnerships.

“These agencies together with the Korean Embassy in Abuja and Consulate Office in Lagos constitute our great Team of Korea. Team Korea in Nigeria works together with one mind to further enhance our bilateral relations,” the Ambassador hinted