Nigeria, Korea’s trade volume hits $1.5bn in June 2022 ― Minister

Minister of State for Foreign Affairs, Ambassador Zubairu Dada stated that Trade volume between Nigeria and Korea reached over $1.5billion as of June 2022 in spite of the COVID-19 pandemic and limited trading opportunities.

Zubairu stated this at the official opening of the Nigerian Institute of International Affairs (NIIA) Ultra-Modern Conference Chamber renovated by the Republic of Korea, recently in Lagos.

The Minister said Nigeria and South Korea share certain things in common in terms of political and economic development, adding that they both belong to the South-South global cooperation, emerging economies, and group of developing states.

He described Nigeria as Africa’s largest economy and the 2nd largest crude oil producer in Africa, adding that a middle-income economy, and an emerging market with expanding manufacturing, financial, service, communications, technology and entertainment sectors.

Zubairu explained that Nigeria-South Korea relations have undergone significant improvement since 1980 in the areas of trade and economic relations, security and alliance formations, diplomatic and political collaborations, and sociocultural interconnections.

“Trade volume between both countries reached over $1.5billion as of June 2022, in spite of the COVID-19 pandemic and limited trading opportunities.

“Nigeria and South Korea share certain things in common in terms of political and economic development.

“They both belong to the South-South global cooperation, emerging economies, and group of developing states.

“Nigeria is Africa’s largest economy and the 2nd largest crude oil producer in Africa. A middle-income economy, and an emerging market with expanding manufacturing, financial, service, communications, technology and entertainment sectors.

“Nigeria-South Korea relations have undergone significant improvement since 1980 in the areas of trade and economic relations, security and alliance formations, diplomatic and political collaborations, and socio-cultural interconnections,” he said.

The Minister, however, noted that both countries still need to explore closer political, diplomatic and economic ties as a result of the significant mutual economic interests they share.

Dada added that there exist opportunities for a deepening of ties, and increased trade relations between both countries as Nigeria welcomes Korean businesses and investments.

“However, both countries still need to explore closer political, diplomatic and economic ties as a result of the significant mutual economic interests they share.

“There exist opportunities for a deepening of ties, and increased trade relations between both countries as Nigeria welcomes Korean businesses and investments.

Speaking on the building, The Director-General, NIIA, Professor Eghosa Osaghae noted that the NIlA Conference Chamber was built with funds donated by the Federal Republic of Germany in the 1960s.

According to him, This historic building which has now been renovated and furnished by the Republic of Korea has recorded several epoch-making and foreign policy-shaping events in the history of Nigeria and indeed Africa.

The DG said the Institute is in line with the Institute’s mandate of discussing and disseminating information pertaining to international issues and Nigeria’s foreign policy.

He added that the Conference Chamber is a venue for conferences, seminars and workshops organized on critical national and international issues

“The NIlA Conference Chamber was built with funds donated by the Federal Republic of Germany in the 1960s.

“This historic building which has now been renovated and furnished by the Republic of Korea has recorded several epoch-making and foreign policy-shaping events in the history of Nigeria and indeed Africa.

“In line with the Institute’s mandate of discussing and disseminating information pertaining to international issues and Nigeria’s foreign policy, the Conference Chamber is a venue for conferences, seminars and workshops organized on critical national and international issues,” he said.

Attendants at the event were Korean High Commissioner to Nigeria, Amb. Kim Young Chae, Ambassador Olusegun Akinsanya and so many others.

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