Nigeria, Korea Trade Increases By 55% In Q3

Trade between Nigeria and Korea increased by 55 percent in the third quarter (Q3) of 2024.

This is as exports from Nigeria to Korea rose by 91 percent. This was stated at the Korean National Day held by the Embassy of South Korea in Nigeria.

The event having LG Electronics participate actively, highlighted the tech novelties these Korean brands bring to the Nigerian people while allowing guests the opportunity to see the latest LG innovations held in Abuja.

The event was attended by esteemed government officials, diplomats, and captains of industry from across the world.

At the event, LG showcased their innovative contributions in electronic technology; among CE products were the InstaView Refrigerator, and the OLED TV, both designed to enhance everyday living with cutting-edge features.

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

He said with the Korean government’s commitment to increase its Official Development Assistance (ODA) funding to $10 billion bn by 2030, as well as provide $14 billion to Africa-based Korean companies by 2030, saying these 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,” Pan-kyu said.

The Ambassador said “he was excited with the level of acceptance of Korean culture, especially its music by Nigerians.”

According to him, there was a huge potential for cooperation between the two countries in the creative economy.

Speaking on the sidelines of the Korean National Day, the Public Relations Manager of LG Electronics in Nigeria, Mr. Moses Osime said, “what LG brings is the best of the Korean high-tech creations to improve the life of the Nigerian people. On this national celebration, we are stressing our vision as a flagship leader in this industry, showing our utmost goodwill to work and strengthen ties between our brand and the local communities, through presenting world-class technologies that transform lives in a positive way.”

He added that LG Electronics (LG) has made significant strides in the global market with its innovative brand strategies, earning its place as a top global brand.