Nigeria’s exports to Korea up by 91% in 3rd quarter of 2024 — Amb. Pankyu

The Korean Ambassador to Nigeria, Kim Pankyu, disclosed that there has been a significant increase in the business relationship between his country and Nigeria recently. He disclosed this while speaking at the National Day reception of the Republic of Korea in Abuja. Amb. Pankyu said this development was as a result of the agreements signed […]

The Korean Ambassador to Nigeria, Kim Pankyu, disclosed that there has been a significant increase in the business relationship between his country and Nigeria recently.

He disclosed this while speaking at the National Day reception of the Republic of Korea in Abuja.

Amb. Pankyu said this development was as a result of the agreements signed by the two countries during the Korea-Africa Summit earlier this year.

He added that an intra-governmental task force team had been composed recently to follow up on the economic partnership agreements made on the occasion of the Korea-Africa Summit.

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“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.

“In fact, we are already witnessing meaningful progress. During the third quarter of this year, the trade between Korea and Nigeria increased by 55 per cent.

“In particular, I would like to point out the fact that the import from Nigeria to Korea increased by 91 per cent.

“I believe that this positive development will continue as more and more Koreans are interested in Nigeria and more and more Nigerians are interested in Korea.

“Furthermore, I think there is a huge potential for cooperation between the two countries in the creative economy,” he said.

The envoy also said that the Korean government had earmarked the sum of $10 billion to advance development in Africa.

He said his country’s president made the announcement during the Korea-Africa Summit in June, adding that: “My President announced that Korea would continue to expand official development assistance up to 10 billion US dollars by 2030 as a catalyst for projects for cooperation with Africa.

“In addition, he committed to provide 14 billion US dollars to Korean companies by 2030 to encourage their activities in Africa”, he disclosed.

Ambassador Yusuf Tuggar, Minister of Foreign Affairs, expressed Nigeria’s appreciation to the government of Korea for its decision to extend its trade and investment promotion frameworks to Africa and to increase its investment and Official Development Assistance (ODA) to the continent.

While noting that a significant number of Korean companies were registered and doing business in Nigeria, the minister said these companies have contributed immensely to the growth of the Nigerian GDP and have created job opportunities in the country.

“With the increasing momentum in our bilateral relations and improved trade relations, I am optimistic that both sides will work assiduously towards achieving a significant increase in the volume of trade for the mutual benefit of both nations,” Amb. Tuggar said.

He assured of Nigeria’s continued commitment to deepen its relations with the Republic of Korea.