Korea-Nigeria trade volume increases as KAF President visits, promises improved multiple bilateral relations 


The trade volume between Nigeria and the Republic of Korea has increased after global pandemic COVID-19 swept through various countries of the world.

Ambassador of the Republic of Korea to Nigeria, His Excellency Kim Young-chae, who disclosed this during a press briefing in honour of the visit by the President of Korea-Africa Foundation (KAP) Lyeo Woon-Ki to Nigeria.

Specifically, the Korean Envoy revealed that that within six months in 2022, the trade volume from Korea to Nigeria has increased with $1.6 billion, compared to $2billion in the entire 2021.

The Envoy also explained other bilateral progress made between Nigeria and Korea especially in the education sector, adding that discussions are on to advance relations with Nigeria in the Military aspects.

Earlier, the visiting KAP President Woon-Ki said his visit was essentially to explore more areas of collaborations between Korea and Nigeria in a bid to positive promote the country and Africa when he returns.

Woon-Ki said among the places he visited while in Nigeria were Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Ministry of Trade and Investment and Nigeria Defence.

Woon-Ki particularly observed that Nigeria is highly hospitable and friendly to live in, contrary to views by some people in his country and parts of the world 

He said, “This is my first visit to Nigeria since I was appointed last year. My Foundation was established June 2019. Its function is specifically to promote our relationship with Africa… Korea passed a law to establish it in 2018. We don’t have the Foundation for other regions except Africa.

“We need to promote more things about Africa in our events. We have event in May 28 when we promote Africa day… there are other events such some film Festival, talk shows, cultural display, where we invite our colleagues from Africa.

“Not only for cultural and exhibition, we have economic and business exhibitions every two years, Korea-Africa forum every four years. We host dialogue on Africa where we discuss all issues related to Africa.

“We have Korea international trade association and other government bodies to boost bilateral trade. They are all working with us in anything related to Africa. I have had a meeting with NACCIMA to explore more Business partnership. I hope our Business relations grow more than this.”

On educational and technological areas, he said, “We are very much focused on young generations… we recruit young Africans who are starting and work together to promote Africa in korea through workshops.

“Nigeria is our largest partners in the entire Africa and greatest economy. We from time to time decide topics for discussion such as on energy and climate change in Africa. 

“On start up business, we also content idea on programme. It’s basically for Korean students and African students who are interested. We only select from huge applicants…

“We provide them with some funds until they stabilise. We also work together with local government in Korea and we try to establish relationship with Nigeria local government. In September this year, there will be Business forum in Korea and Nigerians will be part of it…”

The KAP President said Ghana and South Africa were other countries in the schedule of his official visit to Africa.