The Republic of Korea has called for a fundamental restructuring of its economic relationship with Nigeria, urging a shift from the traditional exchange of Nigerian oil and gas for Korean manufactured goods to a partnership anchored on local production, technology transfer, manufacturing and agricultural development.
The Korean Ambassador to Nigeria, Jeong Yo-an, who made the call at a press briefing in Abuja on Wednesday, said the two countries had considerable opportunities to deepen economic cooperation beyond their existing trade relationship, which stood at approximately $1.1 billion last year.
The ambassador identified the need to promote local assembly, agricultural machinery production, digital skills development, maritime cooperation and investment in emerging industries as priorities for the next phase of bilateral relations.
He also called for the ratification of the double taxation agreement signed by Nigeria and South Korea in 2006, describing the outstanding process, 20 years after its signing, as an important issue requiring attention to improve investor confidence.
According to him, investors need predictable policies, particularly in foreign exchange, customs and taxation, to make long-term investment decisions.
“Today, Nigeria sells us mostly oil and gas. Korea sells mostly cars, electronics and machinery. We can do much more than that,” he said.
The ambassador stressed that Korean companies had maintained a significant presence in Nigeria for decades, citing Daewoo Engineering and Construction’s involvement in major projects, including the Nigeria LNG Train Seven project and the Indorama fertiliser plant.
He also identified Samsung, LG, Hyundai and Solpia as Korean companies working with Nigerian partners in energy, manufacturing, clean water and digital technology.
“The next chapter should be ‘Made in Nigeria’. Local assembly. Machinery for rice farmers. Digital skills. The maritime sector,” he said.
He urged Nigerian businesses to take advantage of the Korea Trade-Investment Promotion Agency (KOTRA) office in Lagos, which he said was positioned to connect Korean companies seeking opportunities in Nigeria with Nigerian businesses looking for markets in Korea.
The ambassador also identified the beauty and cosmetics industry as an emerging area of commercial cooperation, noting that the growing Nigerian appetite for Korean skincare and cosmetics presented opportunities for local distribution, employment and partnerships.
He disclosed that Korean companies would participate in the Beauty West Africa exhibition scheduled for November 13, where Nigerian buyers would have opportunities to engage with Korean manufacturers at the Korean pavilion.
Beyond trade, the ambassador placed particular emphasis on technology cooperation, education and entrepreneurship, arguing that Nigeria’s youthful population could become a major driver of industrial transformation if equipped with relevant skills and opportunities.
He said South Korea was prepared to share its development experience with Nigeria, recalling that the Asian country had emerged from the devastation of the Korean War in 1953, when its income per person was below $100, to become a major global industrial and technological economy.
However, he cautioned against attempting to replicate Korea’s development model without adapting it to Nigeria’s circumstances.
“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 ongoing development cooperation, he disclosed that about 2,000 Nigerian government officials had received training in South Korea through the Korea International Cooperation Agency (KOICA).
He added that KOICA’s Smart School project, implemented in partnership with the Universal Basic Education Commission (UBEC), had reached approximately 8,000 pupils and trained more than 300 teachers and school administrators.
The ambassador also highlighted the Abuja Centre for Entrepreneurship, an initiative involving KOICA, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the United Nations Development Programme (UNDP), for which groundbreaking took place in September.
The centre, he explained, was designed to help young Nigerians transform business ideas into viable enterprises through training, mentorship and access to wider business opportunities.
Addressing concerns about the sustainability of the project, he said Nigeria’s ownership, investment in local expertise and integration with the country’s wider entrepreneurial ecosystem were central to its design.
He explained that Nigerian institutions would take responsibility for operating the centre, while a Training of Trainers programme would equip local experts to provide continuous mentorship and support for entrepreneurs.
“A building alone does not create entrepreneurs,” he said, adding that the centre was being developed to connect start-ups with financing, markets, private-sector operators and development partners.
He maintained that the objective was to ensure that the knowledge and institutional capacity generated through Korean development assistance remained in Nigeria beyond the implementation period.
The ambassador also identified agriculture as another area of expanding cooperation, disclosing that KOICA was working with the Food and Agriculture Organisation (FAO) to create green jobs for Nigerian youths through agricultural development initiatives.
On digital transformation, he recalled the establishment of the Nigeria-Korea Information Access Centre in Abuja in 2025, designed to strengthen digital literacy and provide young Nigerians with access to information and technology resources.
He further identified the Global Korea Scholarship programme, postgraduate scholarships and government fellowship opportunities in information and communication technology, public administration and health as important channels for developing Nigerian human capital.
The ambassador said future cooperation would increasingly involve private companies, start-ups and innovators, particularly in artificial intelligence, digital content and technology-based entrepreneurship.
On the diplomatic front, he described relations between both countries as increasingly close, citing the 2024 Korea-Africa Summit in Seoul and the first Korea-Africa Foreign Ministers’ Meeting held in June this year as important milestones.
He recalled that Nigeria’s Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, led the country’s delegation to the meeting, where she conveyed Nigeria’s preference for partnerships based on mutual benefit rather than aid dependency.
The ambassador said Korea shared that position and welcomed Nigeria’s offer to host the seventh session of the Nigeria-Korea Joint Commission in Abuja.
He also acknowledged the role of the National Assembly, particularly the Nigeria-Korea Parliamentary Friendship Group, in strengthening bilateral engagement.
On Korea’s wider economic engagement with Africa, he said the government was monitoring the implementation of its commitments to expand Official Development Assistance to $10 billion by 2030 and provide $14 billion in export financing to support Korean companies operating across the continent.
He said high-level platforms, including the Korea-Africa Foreign Ministers’ Meeting and Korea-Africa Economic Cooperation Ministerial Conference, would continue to provide avenues for advancing the commitments.
According to him, the Korean government is also planning to host the second Korea-Africa Summit in 2029 to consolidate cooperation with African countries.
The ambassador further highlighted growing cultural relations between both countries, describing people-to-people exchanges as an important foundation for sustaining diplomatic and economic partnerships.
He disclosed that more than 300,000 people had participated in programmes organised by the Korean Cultural Centre Nigeria since its establishment.
This year’s Korean Film Festival attracted approximately 1,000 participants, while the K-pop Festival in Lagos drew more than 400 young people.
He also cited the 14th Korean Ambassador’s Cup Taekwondo Championship in Abuja, which attracted about 350 athletes, as evidence of the growing popularity of Korean cultural activities in Nigeria.
Other areas of cultural engagement include Korean traditional music and dance, K-dramas, Korean cuisine and collaborative film productions.
The ambassador disclosed that Nigerian creators had already produced two Korean-Nigerian drama productions, expressing his desire to expand cooperation beyond cultural consumption to joint productions, music collaborations and exchanges involving young creatives.
He also pledged to support opportunities for Nigerian journalists to visit South Korea through existing media exchange programmes, including the World Journalists Conference, to promote more informed reporting on the country’s development, culture and bilateral relations.
He said the Korean Cultural Centre’s collaboration with African Independent Television (AIT), which has featured Korean dramas and animations since 2023, was expected to resume next year after a temporary suspension.
On the future of cultural diplomacy, he said the embassy intended to expand activities beyond Abuja to other Nigerian cities and universities, while creating more opportunities for young Nigerians from disadvantaged backgrounds to participate in educational and sporting programmes.
He specifically identified Taekwondo as an instrument for promoting discipline, humility, perseverance and respect among young people, adding that efforts would be made to resume and expand training programmes previously conducted in schools serving disadvantaged children and pupils with special needs.
The ambassador, a former military officer who said he spent 36 years in uniform before entering diplomacy, said his approach to Nigeria would be defined by practical results and the fulfilment of commitments.
“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.
He said the shared objective of both countries was to create more opportunities for young people, strengthen local businesses and improve the living conditions of their populations.
Michael Olugbode
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