South Korea has urged Nigeria to transform its trade relationship with the Asian country by moving beyond crude oil exports and manufactured goods imports to local production, technology transfer and investment in agriculture and industry.
The Korean Ambassador to Nigeria, Jeong Yo-an, made the call on Wednesday in Abuja, stressing that the existing trade structure had failed to unlock the full potential of bilateral relations valued at about $1.1 billion in 2025.
“Today, Nigeria sells us mostly oil and gas. Korea sells mostly cars, electronics and machinery. We can do much more than that,” he said.
Jeong identified local assembly, agricultural machinery production, digital skills, maritime services and emerging industries as priority areas for expanding economic cooperation between both countries.
He also urged Nigeria to ratify the double taxation agreement signed by the two countries in 2006, warning that the 20-year delay was affecting investor confidence.
The ambassador said predictable policies on foreign exchange, customs and taxation were essential to attracting long-term investments and strengthening bilateral business relations.
He cited the contributions of Korean companies to major Nigerian projects, including Daewoo Engineering and Construction’s involvement in the Nigeria LNG Train Seven project and the Indorama fertiliser plant.
He also identified Samsung, LG, Hyundai and Solpia among Korean companies collaborating with Nigerian partners across various sectors.
Jeong encouraged Nigerian businesses to utilise the Lagos office of the Korea Trade-Investment Promotion Agency (KOTRA) to establish partnerships with Korean companies and explore opportunities in the Korean market.
He noted that the beauty and cosmetics industry offered opportunities for local distribution, employment generation and business partnerships, adding that Korean manufacturers were expected to participate in the Beauty West Africa exhibition scheduled for November 13.
On development cooperation, the ambassador disclosed that about 2,000 Nigerian government officials had received training in South Korea through the Korea International Cooperation Agency (KOICA).
He said KOICA’s Smart School project, implemented in partnership with the Universal Basic Education Commission, had reached approximately 8,000 pupils and trained more than 300 teachers and school administrators.
Jeong also highlighted the Abuja Centre for Entrepreneurship, being developed in partnership with the Small and Medium Enterprises Development Agency of Nigeria and the United Nations Development Programme, with its groundbreaking held in September.
The centre is expected to provide young Nigerians with entrepreneurship training, mentorship and access to finance and markets.
He explained that Nigerian institutions would manage the facility, while a Training of Trainers programme would develop local capacity to sustain its operations.
“A building alone does not create entrepreneurs,” he said, emphasising the need to connect start-ups with investors, markets and private-sector operators.
The ambassador further disclosed that KOICA was collaborating with the Food and Agriculture Organisation on agricultural initiatives aimed at creating green jobs for Nigerian youths.
Other areas of cooperation include digital development, postgraduate scholarships and government fellowship programmes in information technology, public administration and health.
He said the Nigeria-Korea Information Access Centre, established in Abuja in 2025, was also expected to improve digital literacy and access to technology resources.
According to him, future partnerships would focus increasingly on private companies, start-ups and innovators, particularly in artificial intelligence, digital content and technology-driven entrepreneurship.
Jeong urged Nigeria to draw lessons from South Korea’s development experience without attempting to replicate its model.
“The key word is not ‘copy’. The key word is ‘adapt’. Nigeria will write its own story. Korea is ready to share what we have learned,” he said.
On diplomatic relations, the ambassador identified the 2024 Korea-Africa Summit in Seoul and the first Korea-Africa Foreign Ministers’ Meeting held in June as significant milestones in strengthening engagement between the two regions.
He said South Korea welcomed Nigeria’s offer to host the seventh session of the Nigeria-Korea Joint Commission in Abuja.
Jeong also disclosed that South Korea was working towards expanding its Official Development Assistance to $10 billion by 2030 and providing $14 billion in export financing to support Korean companies operating in Africa.
He added that preparations were underway to host the second Korea-Africa Summit in 2029.
On cultural diplomacy, the ambassador said more than 300,000 people had participated in programmes organised by the Korean Cultural Centre Nigeria.
He disclosed that this year’s Korean Film Festival attracted about 1,000 participants, while the K-pop Festival in Lagos drew more than 400 young people. The 14th Korean Ambassador’s Cup Taekwondo Championship in Abuja also attracted approximately 350 athletes.
He said the embassy planned to expand cultural activities to more Nigerian cities and universities while promoting joint film and music productions.
According to him, Nigerian creators had already produced two Korean-Nigerian drama productions.
The ambassador also pledged to support opportunities for Nigerian journalists to visit South Korea through media exchange initiatives, including the World Journalists Conference.
Jeong, a former military officer who served for 36 years before joining the diplomatic service, said he would prioritise practical results and stronger partnerships during his tenure in Nigeria.
“The army taught me one simple lesson: trust is built when you keep your word. That is how I want to work in Nigeria – with more results,” he said.
