Nigeria’s trade volume attains $1.5bn

Nigeria’s trade volume attains $1.5bn
Photo by Mariusz Kluzniak- Ask Nigeria

Despite the COVID-19 pandemic, Nigeria’s trade with Korea has increased rapidly.

Director of Korea-Africa Foundation, Lyeo Woon-ki, stated at a media conference in Abuja that Nigeria has taken the position of South Africa as the major trading partner of the Republic of Korea. He explained that in 2021, trade between Korea and Nigeria was $2 billion but as of quarter 3 of 2022, the present figures show that the trade volume for 2022 has attained over $1.5 billion, surpassing the trade volume between Korea and South Africa.

He attested to the fact that the trade volume between Nigeria and Korea is higher than that of Korea and South Africa. Notwithstanding the COVID-19 pandemic and limited trading, Nigeria’s trade volume has increased rapidly, giving a likely increase of the figure of its trade volume with Korea to over $2 billion by the end of the year. The foundation is therefore looking towards a collaboration with the Nigeria Chamber of Commerce and Industry with the aim of consolidating trade cooperation amidst both countries.

Nigeria is advised to work on the portrayal of its image abroad.

With the Korea-Africa Foundation, established to build business and cultural cooperation between Korea and the African continent, fosters the eagerness of Koreans to travel to Nigeria for business and cultural activities. However, the news about Nigeria that is presented and available to the Korean public is unpleasant as it depicts the country as an insecure and a dangerous place to live.  Woon-ki, howbeit, disregarded the information due to his experience of Nigerians being warm and receptive. With that, he advised the country to work more on the portrayal of its image abroad.

Current Ambassador of Korea to Nigeria, Kim Young-Chae, in his description of Nigerian youths, stated that they are vibrant and technology savvy. In 2021, the Abuja embassy sponsored a number of children to Korea to enable interactions with Korean companies such as LG and Samsung to see for themselves, what is being done there. Nigerian youths are urged to have a good understanding of the Korean culture, while counterparts also learn to understand the Nigerian culture.

Nigeria and Korea might sign a military pact to strengthen security.

In addition, as one of the efforts put in by the embassy of Korea to display their aim in Nigeria, there will be a fostering of understanding and cooperation between citizens of the two countries. Likewise, in a bid to strengthen the security system of Nigeria, Nigeria and Korea are working on signing a military pact. This is as a result of the emergence of Korea as one of the strongest military formations across the world, which has its success achieved as a survival strategy.

The Korean Ambassador hopes that the bilateral trade between Nigeria and Korea rises further, to the extent of making Nigeria become Korea’s biggest trading partner in Africa, as Nigeria is the biggest trading economy in Africa. To strengthen the diplomatic ties between them, Korea imports Nigerian gas and also looks forward to importing some agricultural products such as sesame seed, knowing fully well that Nigeria produces a lot of sesame seeds; and manufactured goods for the Korean market.

KOICA has spent about $500 million on e-government in Nigeria.

Amidst these, Korea seeks the support and commitment of Nigeria towards the achievement of the set objectives of the $13 million Digital Governance Program. The project is a move to enhance Nigeria’s e-Government Master Plan (NeGMP) and upgrade Nigeria’s Enterprise Architecture and development of a 10-year Government implementation plan. The Korean International Cooperation Agency (KOICA), by investing in Information Communication Technology, has continuously engaged the Nigerian government in e-government, considering the huge amount of money, over $500 million, that has been spent towards its realization.


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Ask Nigeria
28 days ago

Nigeria’s trade volume attains $1.5bn – Despite the COVID-19 pandemic, Nigeria’s trade with Korea has increased rapidly. – Express your point of view.

Godsewill Ifeanyi
Member
27 days ago

As a result of continued growth in two-way trade between the two nations, Nigeria is quickly becoming Korea’s most important trading partner in Africa. This is due to the fact that Nigeria is currently the continent’s most prosperous trading economy.

Taiwoo
Member
27 days ago

The signature of a military cooperation agreement between Nigeria and Korea is now in the works and this is due to the fact that Korea has become one of the most powerful military organisations in the entire globe, a status that the country has attained as a result of employing a survival strategy that has led to its success.

Hassan Isa
Member
27 days ago

Considering the enormous amount of money, over 500 million dollars, that has been spent towards its fulfilment, investing in Information and Communication Technology has consistently engaged the Nigerian government in e-government.

Nwachukwu Kingsley
Member
27 days ago

We should try helping our society boost it’s production daily instead of turning into a nation that is focused on consumption from other countries

Remi1
Member
27 days ago

In an effort to deepen the diplomatic connections between the two countries, Korea has begun to acquire gas from Nigeria and is also interested in importing certain agricultural items from Nigeria, such as sesame seed.

Adesanyaj72
Member
27 days ago

It is highly recommended that young people in Nigeria have a solid awareness of the culture of Korea, while their Korean counterparts likewise make an effort to comprehend Nigerian culture.

Iyanu12345ogg
Member
27 days ago

our relationship with Korea is a very good. I hope we continue to build on this to strengthen the partnership. The outcome would be massive. It’s an advantage to us.

SarahDiv
Member
27 days ago

Nigeria has become a place where any country can dump their products and it will sell. We have failed as a nation in producing but rather has become a consuming nation. That is why country like South Korea want to continue to have trade relationship with us.

Tolaniiii
Member
27 days ago

The government should do everything in their power to ensure that this collaboration doesn’t end, it had tendency changing the situation of our economy

Adeolastan
Member
27 days ago

This is s very good development because Korea produce quality things and also at lesser price,Nigeria will patronise them more because of the durability of there goods

Christiana
Member
27 days ago

Attaining a trade volume of 1.5 billion dollars in 9 month seems like a bug achievement, if this can continue ,it will surely boost the revenue of the country

Bola12
Member
27 days ago

This insecurity issue is taking a bad turn on different sectors in our country, this need to be worked on so the country won’t be a danger zone to other countries

Kazeem1
Member
27 days ago

It is imperative that we explore the possibility of working together with the Nigeria Chamber of Commerce and Industry in order to further develop the economic relationship that exists between our two nations.

DimOla
Member
27 days ago

This is an indication of Nigeria being a consuming state rather producing state. We should look for what we can export instead of consuming.

Chibuzor
Member
27 days ago

The news about Nigeria that is provided to and accessible to the public in Korea is unsettling because it paints the nation as an unsafe and hazardous place to live and the government should work on it

Last edited 27 days ago by Chibuzor
Ultra0711
Member
27 days ago

Having such a string partnership with Korea is beneficial to us in so many ways. I hope we can strengthen the partnership more as we also continue to develop our country too.

Haykaylyon26
Member
27 days ago

Wow it is nice it seems our relationship with Korea is good. Our turn over is really high and improve a lot we have to keep up the good work and improve in different things we are lacking so our country can be well development

Tonerol10
Member
27 days ago

This is a very good one. The business relationship between Korea AND Nigeria is actually a good one. Let keep it up

Abusi
Member
28 days ago

The bilateral relationship between Korea AND Nigeria is actually a good one. Attainment of such amount of trade between the 2 countries speaks volume of their interdependence on each other. We should also sign a security pact with them for our insecurity issues.

jdpumping
Member
28 days ago

Good that our trade with Korea as grown so much despite the covid pandemic the turn over is overwhelming and more can be done to sustain it,by improving more on the image of Nigeria abroad for more usiness opportunities to be opened.