Bilateral trade between Nigeria and South Korea reached roughly $1.1 billion in 2025, however each nations should urgently shift their financial partnership from uncooked commodity exchanges to home manufacturing and expertise switch, South Korea’s Ambassador to Nigeria, Jeong Yo-an, has declared.
Speaking on Wednesday throughout a press briefing at his official residence in Abuja, Ambassador Jeong emphasised that whereas Nigeria stays one among Korea’s largest African buying and selling companions, the present structural imbalance—the place Nigeria predominantly exports crude oil and fuel whereas importing autos and heavy equipment—is unsustainable.
To catalyse a transition towards native manufacturing and “Made in Nigeria” items, the envoy known as for the fast ratification of the 2006 Nigeria-Korea Double Taxation Agreement, which has remained unratified for 20 years.
“Investors need predictability above all—clear rules on foreign exchange, customs, and tax,” Ambassador Jeong said. “Moving this agreement forward after twenty years would send a powerful signal to international investors.”
The envoy highlighted South Korea’s dedication to equal partnership and capability constructing throughout key sectors, together with agriculture, digital abilities, inexperienced expertise, and the increasing “K-beauty” market forward of the upcoming Beauty West Africa exhibition.
Highlighting developmental initiatives, Jeong referenced the $12 million Abuja Centre for Entrepreneurship—developed in collaboration with KOICA, SMEDAN, and UNDP—and the Smart School challenge with UBEC as sustainable fashions geared toward empowering Nigeria’s youth inhabitants.
Ambassador Jeong additionally confirmed that Nigeria has supplied to host the upcoming seventh session of the Korea-Nigeria Joint Commission in Abuja, following high-level diplomatic engagements led by Nigeria’s Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, on the Korea-Africa Foreign Ministers’ Meeting in Seoul.
Beyond business ties, the ambassador celebrated increasing cultural exchanges spanning Taekwondo, Nollywood, Afrobeats, and Okay-pop, reiterating South Korea’s readiness to share its post-war industrialisation expertise.
“Korea knows the road of development, but the key word is adapt, not copy,” Jeong remarked. “Nigeria will write its own story, and Korea is ready to stand side by side as an equal partner to ensure our cooperation leaves results that last.”
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