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Korea Seeks Nigerian Manufacturing Shift, Urges Ratification of 20-Year Tax Treaty
Korea Seeks Nigerian Manufacturing Shift, Urges Ratification of 20-Year Tax Treaty
…Ambassador calls for technology transfer, local production and investment beyond oil trade
By: Michael Mike
South Korea has urged Nigeria to restructure its trade relationship with the Asian country by shifting from crude oil exports and imports of manufactured goods to local production, technology transfer and investment in agriculture and industry.
Korean Ambassador to Nigeria, Jeong Yo-an, made the call on Wednesday in Abuja, saying the existing trade pattern had limited the potential of a bilateral relationship worth about $1.1 billion in 2025.
“Today, Nigeria sells us mostly oil and gas. Korea sells mostly cars, electronics and machinery. We can do much more than that,” he said.
Jeong identified local assembly, agricultural machinery production, digital skills, maritime services and emerging industries as priority areas for stronger cooperation.
He also urged Nigeria to ratify the double taxation agreement signed by both countries in 2006, saying the 20-year delay was affecting investor confidence.
He said predictable policies on foreign exchange, customs and taxation were necessary to attract long-term investments.
The ambassador cited the involvement of Korean companies in major Nigerian projects, including Daewoo Engineering and Construction’s work on the Nigeria LNG Train Seven project and the Indorama fertiliser plant. He also named Samsung, LG, Hyundai and Solpia among companies working with Nigerian partners in various sectors.
He encouraged Nigerian businesses to use the Korea Trade-Investment Promotion Agency (KOTRA) office in Lagos to establish links with Korean companies and explore opportunities in the Korean market.
The beauty and cosmetics industry, he added, offered prospects for local distribution, employment and partnerships, with Korean manufacturers expected to participate in the Beauty West Africa exhibition on November 13.
On development cooperation, Jeong said about 2,000 Nigerian government officials had received training in South Korea through the Korea International Cooperation Agency (KOICA).
He said KOICA’s Smart School project, implemented with the Universal Basic Education Commission, had reached about 8,000 pupils and trained more than 300 teachers and school administrators.
He also highlighted the Abuja Centre for Entrepreneurship, being developed in partnership with the Small and Medium Enterprises Development Agency of Nigeria and the United Nations Development Programme. Groundbreaking for the centre took place in September.
The facility is expected to provide young Nigerians with entrepreneurship training, mentorship and connections to finance and markets.
Jeong said Nigerian institutions would operate the centre, while a Training of Trainers programme would build local capacity to sustain its activities.
“A building alone does not create entrepreneurs,” he said, stressing the need to connect start-ups with investors, markets and private-sector operators.
He disclosed that KOICA was also working with the Food and Agriculture Organisation on agricultural initiatives aimed at creating green jobs for Nigerian youths.
Other areas of cooperation include digital development, postgraduate scholarships and government fellowships in information technology, public administration and health. The Nigeria-Korea Information Access Centre, established in Abuja in 2025, is also expected to strengthen digital literacy and access to technology resources.
The ambassador said future partnerships would place greater emphasis on private companies, start-ups and innovators, particularly in artificial intelligence, digital content and technology-based entrepreneurship.
He urged Nigeria to adapt lessons from South Korea’s development experience rather than attempt to replicate its model.
“The key word is not ‘copy’. The key word is ‘adapt’. Nigeria will write its own story. Korea is ready to share what we have learned,” he said.
On diplomatic relations, Jeong cited the 2024 Korea-Africa Summit in Seoul and the first Korea-Africa Foreign Ministers’ Meeting held in June as milestones in strengthening engagement.
He said South Korea welcomed Nigeria’s offer to host the seventh session of the Nigeria-Korea Joint Commission in Abuja.
He also disclosed that South Korea was working towards expanding its Official Development Assistance to $10 billion by 2030 and providing $14 billion in export financing to support Korean companies operating in Africa. The country is also planning to host the second Korea-Africa Summit in 2029.
The ambassador said cultural exchanges remained an important part of bilateral relations, disclosing that more than 300,000 people had participated in programmes organised by the Korean Cultural Centre Nigeria.
He said this year’s Korean Film Festival attracted about 1,000 participants, while the K-pop Festival in Lagos drew more than 400 young people. The 14th Korean Ambassador’s Cup Taekwondo Championship in Abuja also attracted about 350 athletes.
Jeong said the embassy planned to expand cultural activities to more Nigerian cities and universities and promote joint film and music productions. He disclosed that Nigerian creators had already produced two Korean-Nigerian drama productions.
He also pledged to support opportunities for Nigerian journalists to visit South Korea through media exchange programmes, including the World Journalists Conference.
The ambassador, a former military officer who served for 36 years before joining the diplomatic service, said he would focus on practical results during his tenure in Nigeria.
“The army taught me one simple lesson: trust is built when you keep your word. That is how I want to work in Nigeria – with more results,” he said.
Korea Seeks Nigerian Manufacturing Shift, Urges Ratification of 20-Year Tax Treaty
News
ECOWAS, Germany Open Strategic Dialogue as Berlin Commits €49m to West Africa
ECOWAS, Germany Open Strategic Dialogue as Berlin Commits €49m to West Africa
By: Michael Mike
The Economic Community of West African States (ECOWAS) and Germany have reaffirmed their commitment to strengthening bilateral cooperation, with Germany committing an additional €49 million to support regional development programmes for 2025 and 2026.
The commitment was highlighted during the opening of the strategic dialogue between ECOWAS and Germany in Abuja.

The Vice-President of the ECOWAS Commission, Anthony Ogunjimi, said the engagement marked a renewed approach to cooperation between the regional bloc and Germany, shifting from the traditional concept of consultation to a more strategic, open and constructive partnership.
He said the new strategic dialogue would provide an opportunity for both parties to deepen collaboration and address issues affecting regional development and the welfare of West African citizens.
Germany, which has been a partner to ECOWAS since 1985, has committed approximately €494 million in bilateral technical and financial cooperation over the years.
An additional €49 million was pledged for the 2025–2026 cooperation period during negotiations in November 2025.
The funding comprises €32.8 million for financial cooperation and €16.2 million for technical cooperation.
Ogunjimi, who spoke on behalf of the President of the ECOWAS Commission, Gen. Birame Diop, expressed appreciation to the German government for its longstanding partnership and support for the regional organisation and the people of West Africa.
The meeting was attended by the German Ambassador to Nigeria and ECOWAS, Stefan Rossel; a delegation from Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), led by Karen Pfundt, Head of Division for West Africa II; representatives of the German development agency, GIZ; and directors and senior officials of the ECOWAS Commission.
The strategic dialogue is expected to provide a platform for reviewing existing cooperation and identifying areas for stronger collaboration between Germany and ECOWAS.
ECOWAS, Germany Open Strategic Dialogue as Berlin Commits €49m to West Africa
News
NSCDC Begins Construction of New Gate, Quarter Guard Post, Access Road
NSCDC Begins Construction of New Gate, Quarter Guard Post, Access Road
By: Michael Mike
The Nigeria Security and Civil Defence Corps (NSCDC) has commenced the construction of a new entrance gate, modern Quarter Guard Post, access road and solar illumination project to strengthen security and improve its operational environment.
The Commandant-General of the Corps, Prof. Ahmed Audi, performed the groundbreaking ceremony for the infrastructure project on Thursday.

A statement issued by the Corps’ National Public Relations Officer, Assistant Commandant of Corps Babawale Afolabi, said the project was designed to strengthen facility security, improve access control and provide a more conducive working environment for personnel.

According to the statement, the project is expected to be completed within eight weeks.
Audi expressed appreciation to President Bola Tinubu and the Minister of Interior, Dr Olubunmi Tunji-Ojo, for their interventions and continued support for the infrastructural development and operational capacity of the Corps.
The Commandant-General said the infrastructure upgrade would support the Corps in discharging its statutory responsibilities more effectively.
The project forms part of efforts to improve the Corps’ facilities and strengthen its operational readiness.
NSCDC Begins Construction of New Gate, Quarter Guard Post, Access Road
News
Borno Woos Investors, Seeks 90-Day Deal Pipeline to Drive Economic Recovery
Borno Woos Investors, Seeks 90-Day Deal Pipeline to Drive Economic Recovery
By: Michael Mike
The Borno State Government has challenged investors, financial institutions and corporate organisations to move beyond humanitarian interventions and partner with the state to build a productive economy, unveiling a proposed 90-day framework for converting investment interests into bankable projects.
The government said the next phase of Borno’s recovery must be driven by private capital, agricultural and livestock value addition, industrial development, renewable energy, housing, logistics and sustainable employment opportunities.
Dr Babagana Malumbe, the Chief of Staff to Governor Babagana Zulum, who represented his principal at the Private Sector Engagement and Investment Roundtable held in Abuja on Thursday, delivered the opening address, calling on investors to take advantage of the state’s economic opportunities.
Malumbe said Borno was moving away from emergency humanitarian dependence towards private sector-led economic growth, job creation and market-driven development.
He said the state had made significant progress in restoring stability and rebuilding its economy through the efforts of the Armed Forces, security agencies and deliberate government investments in peacebuilding.
According to him, Borno’s development priorities were centred on institutional reforms, economic revival and creating an enabling environment for private investment.
He identified agriculture, livestock and fisheries, industries and manufacturing, finance, trade, MSMEs, and services and urban infrastructure as priority sectors for investment.
Malumbe said the government was strengthening the investment promotion framework through the Borno State Investment Promotion Agency (BOSIPA), streamlining administrative procedures and improving the ease of doing business.
He added that the state’s land administration processes, public-private partnership arrangements and fiscal incentives were designed to protect investments and provide a predictable business environment.
He also announced that sector-specific Investment Clinics would bring investors together with government representatives and technical teams to examine opportunities, structure projects and secure investment commitments.
Also speaking at the roundtable, the Chief Adviser and Coordinator, Sustainable Development, Partnership and Humanitarian Response, Dr Mairo Mandara called on investors, financial institutions and Borno indigenes in the diaspora to move beyond expressions of interest and commit to building sustainable businesses and industries in the state.
Mandara said the success of the investment roundtable should not be measured by the number of speeches delivered or expressions of interest received, but by partnerships established, projects advanced, capital mobilised and jobs created.
She said the next phase of Borno’s recovery required a transition from humanitarian assistance to a productive economy capable of sustaining livelihoods and creating opportunities for its people.
“Government has invested significantly in reconstruction, infrastructure, education, healthcare and agriculture. This is not the destination. It is the foundation for businesses,” she said.
Mandara maintained that sustainable recovery required more than humanitarian assistance, explaining that education, healthcare, security, economic trust and commercial opportunities were interconnected components of the same development agenda.
She identified agriculture as one of Borno’s strongest investment opportunities, noting that more than 60 per cent of the population depended on the sector.
She said the state had significant potential in rice, cowpeas, groundnuts, onions, vegetables and other agricultural produce, but needed to move beyond primary production to processing, packaging, storage, transportation and export.
According to her, the ambition was to establish integrated agricultural value chains that would enable farmers to earn more from their produce while creating opportunities for aggregators, processors, transporters, equipment suppliers, buyers and financial institutions.
She said agricultural development should not be limited to producing raw commodities for sale, but should involve cleaning, processing, certification, packaging and connecting products to local and international markets.
She added that such an approach would create opportunities for large investors, women-led enterprises, young entrepreneurs and small businesses across the agricultural supply chain.
On livestock, Mandara described Borno as one of Nigeria’s major livestock-producing states, urging investors to explore the industries that could be developed around its animal resources rather than concentrating only on transporting livestock from one location to another.
She identified opportunities in animal feed production, veterinary services, dairy production, meat processing, cold storage, transportation, leather and hide processing, insurance and related services.
She also called for the development of an integrated livestock industry, noting that Borno’s strategic location and proximity to Chad, Cameroon and Niger offered access to wider regional markets.
According to her, the state had the potential to become a regional trade and logistics hub connecting Nigeria with markets across neighbouring countries.
She said investment opportunities also existed in warehousing, commodity aggregation, cold-chain facilities, transport services, trade finance, digital payments and insurance.
Mandara further highlighted the potential of housing and hospitality, explaining that ongoing reconstruction and resettlement were creating demand for residential properties, shops, workshops, schools and other commercial services.
She urged private developers and financial institutions to explore affordable housing, mixed-income developments and building materials production, while partnering with government to establish economically viable communities.
She said resettlement should be viewed not only as a humanitarian responsibility but also as an economic opportunity capable of stimulating construction, employment, commerce and service delivery.
On renewable energy, she drew attention to Borno’s considerable solar potential, describing it as an opportunity to support commercial activities, agricultural processing, irrigation, cold storage and industrial development.
She said investments in decentralised solar power systems could help businesses overcome electricity constraints while supporting economic activities in communities and emerging industrial clusters.
Addressing the financing gap facing businesses, Mandara urged financial institutions to develop innovative financing arrangements suited to the realities of small enterprises and agricultural value chains.
She observed that many businesses struggled to access credit because conventional lending arrangements were designed around established companies and traditional collateral requirements.
She called for the development of financing instruments, including guarantees, insurance and other risk-sharing arrangements, to make viable businesses more attractive to lenders.
“We are not asking financial institutions to lend blindly. We are asking you to help make our businesses bankable,” she said.
She acknowledged that security challenges, uneven infrastructure and the viability of some projects remained legitimate concerns for investors.
However, she urged them to adopt a risk-based approach, explaining that investments could begin in relatively stable locations and expand as opportunities improved.
Mandara said the government was prepared to work with investors to understand and manage risks rather than expect private capital to operate without safeguards.
She also appealed to Borno indigenes in the diaspora and those who had established successful careers and businesses outside the state to contribute their expertise, networks and financial resources to its economic recovery.
She said their involvement would help build investor confidence and encourage other private sector players to consider opportunities in the state.
She urged them to support vocational training, mentorship, skills transfer and enterprise development, stressing that their contribution should go beyond sending financial assistance to relatives.
On corporate social responsibility (CSR), Mandara called for a shift from conventional humanitarian donations towards interventions that build skills, strengthen local businesses and enable communities to become economically self-reliant.
She acknowledged the contributions of humanitarian organisations and development partners in saving lives and supporting displaced communities but said such assistance should create pathways towards sustainable livelihoods.
According to her, CSR programmes should prioritise local employment, vocational training, technology transfer and the development of businesses that can continue operating after donor-funded projects end.
She urged companies and development organisations to deliberately train and employ local residents, ensuring that expertise brought into the state was transferred to indigenous workers before external professionals completed their assignments.
“We must measure CSR not only by what companies give, but by what communities can continue to achieve after the support ends,” she said.
To ensure that the roundtable produced tangible outcomes, Mandara proposed a 90-day investment follow-up framework.
Under the arrangement, the first 30 days would be devoted to identifying specific investment opportunities, available assets and potential partners.
The following 30 days would involve commercial, technical, security and social assessments of the identified projects, while the final 30 days would be used to develop decision-ready proposals for investors to determine whether to proceed.
She stressed that the process should produce clear investment decisions rather than allow another engagement to end with unfulfilled expressions of interest.
Mandara urged participants to approach Borno’s investment opportunities with both commercial discipline and social responsibility, insisting that economic returns and positive development impact were not mutually exclusive.
She called on investors to partner with the state in moving from humanitarian dependence to productive enterprise and a competitive economy.
The roundtable featured sector-specific Investment Clinics designed to bring investors together with state officials and technical teams to examine opportunities, structure projects and secure investment commitments.
Borno Woos Investors, Seeks 90-Day Deal Pipeline to Drive Economic Recovery
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