Nigeria: Korea and Nigeria strengthen Economic and Security ties
By Zuleihat Owuiye, Mamos Nigeria
Korea has reaffirmed its commitment to deepening its relationship with Nigeria, focusing on economic cooperation, security, and cultural exchanges.
Speaking at an event in Abuja to mark the 45th anniversary of diplomatic ties between both nations, the Korean Ambassador to Nigeria, Kim Pankyu, highlighted the steady growth in their partnership. He noted that both countries have worked closely to enhance trade and investment opportunities.
The ambassador emphasized Nigeria’s importance as Korea’s leading trade and investment partner in Africa, accounting for 10% of Korea-Africa trade and over 70% of Korean project contracts in South Africa. He also pointed out the significance of investment-friendly policies in Nigeria, including tariff and tax incentives, which are expected to attract more Korean companies.
A major milestone in their relationship was the Korea-Africa Summit held in June, where Nigerian officials engaged in high-level discussions on trade, technology, and tourism. The summit also facilitated Nigeria’s participation in the Korea-Africa Business Summit and other forums, fostering stronger economic ties.
Highlighting corporate collaborations, Kim Pankyu mentioned that a Korean biotech company’s HIV rapid test kits have been approved for packaging in Nigeria, with up to 15 million kits expected to be procured this year. Additionally, both countries are working to finalize key agreements such as the Double Taxation Avoidance Agreement and the Trade and Investment Promotion MOU.
Beyond economics, Korea is also strengthening security cooperation with Nigeria, aiming to finalize long-standing defence agreements. The ambassador reaffirmed Korea’s commitment to supporting capacity-building efforts in Nigeria’s military and security sectors.
Cultural and developmental ties have also been expanding, with the opening of the Korean-Nigerian Information Access Centre in Abuja to support digital literacy. Additionally, Korea is collaborating with Nigeria on a project to enhance digital governance and multimedia learning in primary schools, with an investment of over $23 million.
As both nations celebrate 45 years of diplomatic relations, Korea remains dedicated to fostering economic growth, security collaboration, and cultural exchange with Nigeria.
