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The Nigerian authorities says it seeks to strengthen financial ties with the Republic of Korea, after exporting alloys and unwrought aluminium price N3,400,420,000 to the nation, late final yr.
That is amid the Korea-Nigeria bilateral commerce(import) which reached about N304,619,077,676.23 within the final quarter of the 2023 monetary yr.
Nigeria’s Minister of Overseas Affairs, Yusuf Tuggar, disclosed the federal authorities’s transfer to bolster commerce and funding with the Korean authorities and its corporations, by way of his X web page on Monday.
Financial Ties
The minister confirmed he’s in Korea to attend its Korea-Africa Summit the place he would promote Nigeria’s financial curiosity.
He said on Monday that the Nigeria-Korea diplomatic relations, established in 1980, have fostered important political and financial ties, together with commerce and funding in Nigeria’s oil and gasoline sector by Korean corporations.
“The Honourable Minister of Overseas Affairs, Amb. Yusuf Maitama Tuggar (OON), is within the Republic of Korea for the primary Korea-Africa Summit to additional strengthen these ties and discover new cooperation alternatives, emphasizing Nigeria’s dedication to bilateral relations and addressing shared world challenges,” he tweeted.
Nigeria-Korea Commerce
The deliberate bilateral assembly is seemingly aimed toward strengthening Nigeria’s relations with Korea, particularly within the space of producing and development.
In response to information from the Nigerian Bureau of Statistics (NBS), Korea, South was Nigeria’s seventh prime import buying and selling accomplice within the final quarter of the 2023 monetary yr, to the tune of N304,619,077,676.23.
Mackerel (Scomber scombrus, Scomber australasicus) was among the many merchandise shipped into the nation from Korea.
From the Nigerian facet, unwrought aluminum and alloys had been exported to Korea valued at N3,400,420,000 for This fall, 2023.
Moreover, as disclosed on the web site of the Embassy of Korea to Nigeria, Korean companies are increasing their presence in Nigeria, primarily in useful resource growth and development.
“In development, the whole worth of orders obtained by Korean corporations reached US$ 15 billion in 2020, which implies that Nigeria is by far the most important development market to Korea amongst Sub-Sahara African international locations,” the assertion partly reads.
Tinubu’s Outlook for Korean Items
On April 19, 2024, whereas presenting a letter of credence by the Ambassador of the Republic of Korea to Nigeria, Vice-Admiral Kim Pan Kyu, on the State Home, President Bola Tinubu stated Nigeria is a big marketplace for Korean merchandise, significantly for Korean items manufactured and produced in Nigeria.
He additionally emphasised that Nigerian items might be of nice profit to the Korean market.
”I’m glad that you’ve an excellent information of Nigeria and admire the position of our nation in Africa. Our doorways are open for financial alternatives and commerce, and I acknowledge that a number of South Korean corporations and merchandise are firmly entrenched within the Nigerian market,” Tinubu stated in a press release on the State Home’s web site.
He additionally welcomed an invite from Korean authorities to attend the maiden South Korea-Africa Summit held between June 4 to June 5, 2024.
Extra insights
On November 23, 2022, Korea formally introduced the plan to host 2024 Korea-Africa Summit.
The summit is its means of demonstrating its dedication to considerably increase cooperation with Africa.
The summit will function an essential turning level for Korea and African international locations to boost pragmatic cooperation to leverage particular person strengths thereby making a future collectively for shared progress, sustainability, and solidarity.
A number of African leaders and enterprise companions are already on the bottom.
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