Nigeria, South Korea trade hits $1b in one year

Trade volume between Nigeria and South Korea hit $1.1bn last year, with Nigeria remaining one of South Korea’s largest trading partners in Africa.

The Korean Ambassador to Nigeria, Jeong Yo-an, who revealed this in Abuja, he intends to prioritise expanding bilateral trade beyond oil and gas into manufacturing, agriculture and digital technology.

He stressed that investors needed predictable business conditions, particularly clear rules governing foreign exchange, customs and taxation.

The ambassador said the seventh session of the Nigeria-South Korea Joint Commission, which Nigeria has offered to host in Abuja, would provide an opportunity to advance discussions on economic cooperation and address outstanding bilateral issues.

However, he said the trade relationship needs to diversify beyond oil and gas into manufacturing, agriculture and digital technology.

South Korean companies, including Daewoo Engineering and Construction, Samsung, LG and Hyundai, have maintained business interests and partnerships in Nigeria.

The ambassador said the next phase of cooperation should place greater emphasis on local manufacturing, technology transfer, local assembly and employment creation.

He specifically identified opportunities in agricultural machinery, digital skills, maritime development and manufacturing as areas where Korean expertise could support Nigeria’s industrial capacity.

He also highlighted the role of the Korea Trade-Investment Promotion Agency (KOTRA) office in Lagos in connecting Korean manufacturers with Nigerian importers and helping Nigerian businesses access the Korean market.

The ambassador said South Korea wanted an equal partnership that respects Nigeria’s development priorities, adding that the country’s young population and entrepreneurial potential offer opportunities for mutually beneficial economic cooperation.

He said the objective was to translate diplomatic relations into stronger local businesses, expanded investment and better economic opportunities for citizens of both countries.