Envoy Raises Hope On Nigeria-Korea Ties

South Korean Ambassador to Nigeria, Mr Kim Pan-kyu, has said relations with Nigeria would be one of its most vibrant economic partnerships in the nearest future.

Ambassador Kim spoke at the 2024 Korea National Day reception in Abuja, in commemoration of Korea’s independence in 1919.

He said the South Korean government’s establishment of an intra-governmental task force to implement the economic agreements from the Korea-Africa Summit and the huge potential for creative cooperation between Nigeria and Korea would strengthen economic relations between both countries.

Nigeria-Korea trade relations increased by 55 percent in the third quarter of 2024, with exports from Nigeria to Korea rising by 91 percent. With the Korean government’s commitment to increase its Official Development Assistance (ODA) funding to $10bn by 2030, as well as provide $14bn to Africa-based Korean companies by 2030, Kim said they would catalyse projects for cooperation with Africa, especially Nigeria.

“Since Nigeria is a leading economy and the biggest market in Africa, I believe that the partnership between Korea and Nigeria will be one of the most vibrant ones in the years to come,” said the ambassador.

On the huge potential for creative partnership between Nigeria and South Korea, the ambassador commended Nigeria’s interest and engagement with the Korean culture – Korean cuisine, K-Pop, Korean language (Hangeul) and the K-sport, Taekwondo.

He noted that creative sector is further ground to strengthen bonds of friendship and mutual understanding between both countries.