Nigeria-Korea bilateral trade hits $1.1bn

Bilateral trade between Nigeria and South Korea reached approximately $1.1 billion in 2025, but both nations must urgently shift their economic partnership from raw commodity exchanges to domestic manufacturing and technology transfer, South Korea’s Ambassador to Nigeria, Jeong Yo-an, has declared.

Speaking on Wednesday during a press briefing at his official residence in Abuja, Ambassador Jeong emphasised that while Nigeria remains one of Korea’s largest African trading partners, the current structural imbalance—where Nigeria predominantly exports crude oil and gas while importing vehicles and heavy machinery—is unsustainable.

To catalyse a transition toward local production and “Made in Nigeria” goods, the envoy called for the immediate ratification of the 2006 Nigeria-Korea Double Taxation Agreement, which has remained unratified for two decades.

“Investors need predictability above all—clear rules on foreign exchange, customs, and tax,” Ambassador Jeong stated. “Moving this agreement forward after twenty years would send a powerful signal to international investors.”

The envoy highlighted South Korea’s commitment to equal partnership and capacity building across key sectors, including agriculture, digital skills, green technology, and the expanding “K-beauty” market ahead of the upcoming Beauty West Africa exhibition.

Highlighting developmental initiatives, Jeong referenced the $12 million Abuja Centre for Entrepreneurship—developed in collaboration with KOICA, SMEDAN, and UNDP—and the Smart School project with UBEC as sustainable models aimed at empowering Nigeria’s youth population.

Ambassador Jeong also confirmed that Nigeria has offered to host the upcoming 7th session of the Korea-Nigeria Joint Commission in Abuja, following high-level diplomatic engagements led by Nigeria’s Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, at the Korea-Africa Foreign Ministers’ Meeting in Seoul.

Beyond commercial ties, the ambassador celebrated expanding cultural exchanges spanning Taekwondo, Nollywood, Afrobeats, and K-pop, reiterating South Korea’s readiness to share its post-war industrialisation experience.

“Korea knows the road of development, but the key word is adapt, not copy,” Jeong remarked. “Nigeria will write its own story, and Korea is ready to stand side by side as an equal partner to ensure our cooperation leaves results that last.”