The Republic of Korea’s Ambassador to Nigeria, Kim Pankyu, has announced that bilateral trade between Nigeria and Korea increased by 38.6% in 2024, reaching over $2.2 billion.
Ambassador Pankyu made this disclosure in Abuja on Wednesday during a press briefing to commemorate the 45th anniversary of diplomatic relations between the two nations.
The envoy, who assumed his role in Nigeria a year ago, highlighted that since his arrival, the relationship between Korea and Nigeria has grown significantly.
“Nigeria remains Korea’s most important trade and investment partner in Africa, accounting for 10% of Korea-Africa trade and over 70% of Korea’s projects and contracts in Africa,” Pankyu stated. “In 2024, our bilateral trade increased by 38.6%, reaching over $2.2 billion.”
He underscored Korea’s commitment to strengthening trade and investment relations with Nigeria, emphasizing that Nigeria’s strategic position in Africa makes it a key partner for Korea’s economic and geopolitical interests.
Ambassador Pankyu also highlighted Korea’s intention to enhance security cooperation with Nigeria, particularly in maritime security within the Gulf of Guinea. “With 40 years of experience in military and security affairs, I am committed to enhancing our security collaboration. Maritime security in the Gulf of Guinea is critical for both Nigeria and transit countries like Korea,” he said.
He further stated that Korea is prepared to increase its support for capacity building in Nigeria’s military and security sectors. “We hope to finalize the defense industry cooperation agreements that have been under discussion for some time,” Pankyu added.
Reflecting on Korea’s contributions to Nigeria over the past year, the ambassador noted that these efforts reflect the mutual trust and friendship between the two countries. “As ambassador, I remain dedicated to strengthening our long-standing partnership in the years ahead,” he assured.
