Nigeria-Korea Trade Hits $2.2bn in 2024 – Amb. Pankyu

Nigeria-Korea Trade Hits $2.2bn in 2024 – Amb. Pankyu

By: Michael Mike

The Republic of Korea’s ambassador to Nigeria, Kim Pankyu has disclosed that bilateral trade between Nigeria and Korea increased by 38.6 per cent in 2024, reaching over $2.2 billion.

Pankyu disclosed this in Abuja on Wednesday during a press briefing to mark the 45 years anniversary of bilateral relations between the two countries.

The envoy, who arrived Nigeria a year ago in the role, said that since his arrival, the relationship between Korea and Nigeria had grown significantly.

Pankyu, while disclosing that Nigeria is now Korea’s most important trade partner in Africa, noted that his country has not stopped working at improving trade and investment relations with Nigeria.

He said: “Nigeria remains Korea’s most important trade and investment partner in Africa and accounts for 10 percent of Korea-Africa trade and over 70 per cent of Korea’s project and contract in Africa.

“In 2024, our bilateral trade increased by 38.6 per cent, reaching over 2.2 billion USD.

He also said his country was eyeing more security collaboration with Nigeria, saying: “With 40 years of experience in military and security affairs, I am committed to enhancing our security collaboration, in particular, maritime security in the Gulf of Guinea is critical for both Nigeria and transit countries like the Republic of Korea.”

“We are committed to increasing Korea’s support for capacity building in the Nigerian military and security sectors. Additionally, we hope to finalise the defense industry cooperation’s MOUs that have been under discussions for some time.

The ambassador, while noting that his country had made several contributions to Nigeria in the past year, said such contributions demonstrate the mutual trust and friendship between Korea and Nigeria.

He assured that: “As ambassador, I will continue working to facilitate our long-standing partnership for the years ahead.”

Nigeria-Korea Trade Hits $2.2bn in 2024 – Amb. Pankyu