The Nigerian government says it seeks to strengthen economic ties with the Republic of Korea, after exporting alloys and unwrought aluminium worth N3,400,420,000 to the country, late last year.
This is amid the Korea-Nigeria bilateral trade(import) which reached about N304,619,077,676.23 in the last quarter of the 2023 financial year.
Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, disclosed the federal government’s move to bolster trade and investment with the Korean government and its companies, via his X page on Monday.
Economic Ties
The minister confirmed he is in Korea to attend its Korea-Africa Summit where he would promote Nigeria’s economic interest.
He stated on Monday that the Nigeria-Korea diplomatic relations, established in 1980, have fostered significant political and economic ties, including trade and investment in Nigeria’s oil and gas sector by Korean companies.
“The Honourable Minister of Foreign Affairs, Amb. Yusuf Maitama Tuggar (OON), is in the Republic of Korea for the first Korea-Africa Summit to further strengthen these ties and explore new cooperation opportunities, emphasizing Nigeria’s commitment to bilateral relations and addressing shared global challenges,” he tweeted.
Nigeria-Korea Trade
The planned bilateral meeting is apparently aimed at strengthening Nigeria’s relations with Korea, especially in the area of manufacturing and construction.
According to data from the Nigerian Bureau of Statistics (NBS), Korea, South was Nigeria’s seventh top import trading partner in the last quarter of the 2023 financial year, to the tune of N304,619,077,676.23.
Mackerel (Scomber scombrus, Scomber australasicus) was among the products shipped into the country from Korea.
From the Nigerian side, unwrought aluminum and alloys were exported to Korea valued at N3,400,420,000 for Q4, 2023.
Furthermore, as disclosed on the website of the Embassy of Korea to Nigeria, Korean businesses are expanding their presence in Nigeria, mainly in resource development and construction.
“In construction, the total value of orders received by Korean companies reached US$ 15 billion in 2020, which means that Nigeria is by far the biggest construction market to Korea among Sub-Sahara African countries,” the statement partly reads.
Tinubu’s Outlook for Korean Goods
On April 19, 2024, while presenting a letter of credence by the Ambassador of the Republic of Korea to Nigeria, Vice-Admiral Kim Pan Kyu, at the State House, President Bola Tinubu said Nigeria is a huge market for Korean products, particularly for Korean goods manufactured and produced in Nigeria.
He also emphasized that Nigerian goods will be of great benefit to the Korean market.
”I am glad that you have a very good knowledge of Nigeria and appreciate the role of our country in Africa. Our doors are open for economic opportunities and trade, and I acknowledge that several South Korean companies and products are firmly entrenched in the Nigerian market,” Tinubu said in a statement on the State House’s website.
He also welcomed an invitation from Korean government to attend the maiden South Korea-Africa Summit held between June 4 to June 5, 2024.
More insights
On November 23, 2022, Korea officially announced the plan to host 2024 Korea-Africa Summit.
The summit is its way of demonstrating its commitment to significantly expand cooperation with Africa.
The summit will serve as an important turning point for Korea and African countries to enhance pragmatic cooperation to leverage individual strengths thereby creating a future together for shared growth, sustainability, and solidarity.
Several African leaders and business partners are already on the ground.
