Nigeria-South Korea trade reaches $1.1 billion
By the AFREEQUE newsroom, based on Vanguard
Illustrative image · Nhựt Nguyên Trần · Pexels · Licence PexelsTrade between Nigeria and South Korea reached about $1.1 billion last year, according to Korean ambassador Jeong Yo-an. The two countries want to diversify relations beyond oil and gas, towards vehicle assembly, agriculture, digital skills and maritime services, Vanguard reports.
South Korea wants to strengthen its trade and investment ties with Nigeria in manufacturing, agriculture, digital technologies and maritime services, the South Korean ambassador to Abuja, Jeong Yo-an, said on Wednesday, as quoted by Vanguard. Bilateral trade reached about $1.1 billion last year.
Trade remains dominated by Nigerian oil and gas exports to South Korea, while Seoul mainly sells automobiles, electronic products and machinery to Nigeria. Jeong Yo-an called for the development of vehicle assembly, agricultural equipment for rice farmers, digital skills training and maritime services to increase local production and employment.
The ambassador also cited cosmetics as a sector with strong potential, driven by Nigerian consumers’ interest in Korean products and the country’s young population. The Nigerian office of the Korea Trade-Investment Promotion Agency (KOTRA), which connects Korean manufacturers with Nigerian companies, is expected to facilitate these exchanges. Nigerian buyers will be able to meet South Korean companies at the Korean pavilion at the Beauty West Africa exhibition, scheduled for 13 November in Lagos.
