Korea-Nigeria Trade Soars, Security Cooperation Eyed As Bilateral Ties Mark 45 Years

Bilateral trade between Nigeria and the Republic of Korea surged by 38.6 percent in 2024, reaching over $2.2 billion, according to the South Korean Ambassador to Nigeria, Kim Pankyu.

Ambassador Pankyu made the announcement during a press briefing on Wednesday to mark the 45th anniversary of diplomatic relations between the two nations.

Ambassador Pankyu highlighted the significant growth and emphasised Nigeria’s critical role as Korea’s most important trading partner in Africa, accounting for 10% of total Korea-Africa trade and more than 70% of Korea’s project and contract work on the continent.

“Nigeria remains Korea’s most important trade and investment partner in Africa,” he added.

“The remarkable increase in bilateral trade demonstrates the strength and potential of our economic partnership.”

Beyond trade, Ambassador Pankyu indicated that the two countries’ security collaboration would be strengthened.

Citing Korea’s extensive experience in military and security affairs, he expressed a willingness to strengthen cooperation, with a particular emphasis on maritime security in the Gulf of Guinea, a critical concern for both countries.

“We are committed to increasing Korea’s support for capacity building in Nigeria’s military and security sectors,” he said, adding that they hope to finalise Memorandums of Understanding (MOUs) on defence industry cooperation that are currently being discussed.

Ambassador Pankyu, who arrived in Nigeria a year ago, said the relationship has improved significantly during his tenure.

He attributed the positive developments to mutual trust and friendship between the two countries, highlighting the various contributions Korea has made to Nigeria in the last year.

Looking ahead, Ambassador Pankyu reaffirmed Korea’s commitment to strengthening its partnership with Nigeria, promising to continue efforts to foster long-term collaboration and mutual benefit.