The Nigerian government aims to enhance economic relations with the Republic of Korea following the export of alloys and unwrought aluminum valued at N3,400,420,000 to Korea late last year. This comes amid bilateral trade between Korea and Nigeria, which reached approximately N304,619,077,676.23 in the last quarter of the 2023 financial year.
Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, announced the federal government’s initiative to bolster trade and investment with Korea and its companies via his X page on Monday, June 3, 2023.
Economic Ties
Minister Tuggar confirmed his presence in Korea for the Korea-Africa Summit, where he will promote Nigeria’s economic interests. On Monday, he stated that the Nigeria-Korea diplomatic relations, established in 1980, have fostered significant political and economic ties, including Korean investments in Nigeria’s oil and gas sector.
“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 aims to strengthen Nigeria’s relations with Korea, particularly in manufacturing and construction. According to the Nigerian Bureau of Statistics (NBS), South Korea was Nigeria’s seventh top import trading partner in the last quarter of the 2023 financial year, with trade totaling N304,619,077,676.23. Mackerel was among the products imported from Korea. On the Nigerian side, unwrought aluminum and alloys were exported to Korea, valued at N3,400,420,000 for Q4 2023.
Further insights from the Embassy of Korea to Nigeria highlight that Korean businesses are expanding their presence in Nigeria, primarily in resource development and construction. “In construction, the total value of orders received by Korean companies reached US$ 15 billion in 2020, making Nigeria the largest construction market for Korea in Sub-Saharan Africa,” the statement reads.
Tinubu’s Outlook for Korean Goods
On April 19, 2024, while presenting a letter of credence from the Ambassador of the Republic of Korea to Nigeria, Vice-Admiral Kim Pan Kyu, at the State House, President Bola Tinubu emphasized Nigeria’s market potential for Korean products, especially those manufactured in Nigeria. He also noted the potential benefits of Nigerian goods for 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 accepted an invitation from the Korean government to attend the inaugural South Korea-Africa Summit held from June 4 to June 5, 2024.
More Insights
On November 23, 2022, Korea officially announced plans to host the 2024 Korea-Africa Summit, demonstrating its commitment to significantly expand cooperation with Africa. The summit aims to enhance pragmatic cooperation between Korea and African countries, leveraging individual strengths for shared growth, sustainability, and solidarity. Several African leaders and business partners are already in attendance.
