Bilateral trade between Nigeria and South Korea surged by 38.6% in 2024, reaching over $2.2 billion, according to the Republic of Korea’s ambassador to Nigeria, Kim Pankyu.
Speaking at a press briefing in Abuja on Wednesday to mark 45 years of diplomatic relations between both nations, Pankyu highlighted Nigeria’s growing significance as Korea’s top trade and investment partner in Africa.
“Nigeria accounts for 10% of Korea-Africa trade and over 70% of Korea’s projects and contracts on the continent,” the envoy stated.
Pankyu, who has been in Nigeria for a year, emphasized Korea’s commitment to further strengthening economic and investment ties, alongside expanding security cooperation, 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 collaboration. Strengthening Nigeria’s security capabilities benefits not just our two nations but also transit countries like Korea,” he said.
He added that Korea remains dedicated to supporting capacity-building efforts in Nigeria’s military and security sectors, with ongoing negotiations to finalize defense industry cooperation agreements.
Reflecting on Korea’s contributions to Nigeria over the past year, Pankyu described them as a testament to the strong mutual trust and friendship between the two countries.
“As ambassador, I will continue to work towards deepening our longstanding partnership in the years ahead,” he assured.
