Nigeria – South Korea Trade Volume Hit $1.6 Billion in H1 2022

The trade relationship between Nigeria and South Korea appears to be going stronger as the trade volume for the first half of 2022 hits $1.6 billion. This represents a 20% increase from 2021. 

Kim Young-Chea, the Republic of Korea Ambassador to Nigeria said that data for the period put the volume of trade between both countries at $1.6 billion.

He projected that from the current figures of the volume of trade between Korea and Nigeria, which was $2 billion last year following the COVID-19 pandemic, the trade volume is already having a positive outlook. 

Speaking at a media briefing during the visit of the President of Korea-Africa Foundation (KAF) Lyeo Woon-Ki to Nigeria, the South Korean envoy disclosed that at the end of the second quarter of 2022, the volume of trade has increased by 20 percent to $1.6 billion.

Kim further disclosed that plans are underway to increase the bilateral relationship with Nigeria, especially in the area of military hardware as well as education. 

Nigeria is currently battling insecurity,  such military relationships will be of great advantage to the country. 

On his part, KAF President, Woon-Ki said the visit was essential to explore more areas of collaboration between Korea and Nigeria in a bid to positively promote the country and Africa when he returns.

Woon-Ki had earlier visited the Nigeria Association of Chamber of Commerce, Industry, Mines, and Agriculture (NACCIMA). He also visited the Ministry of Trade and Investment and the Nigeria Defence. 

Nigeria – South Korea’s economic relationships dropped after it peaked at $3 billion in 2019. Making it South Korea’s Africa’s largest trading partner. The country however has lost its position to South Africa. 

Kim Young-Chea attributed the drop to the Korean public perspective of Nigeria which is not very positive. 

“But still the public perception about Nigeria is not positive. So Korean businesses and Korean people are very much hesitant to come to Nigeria and open some business in Nigeria. So we are trying to let them know the right way about Nigeria,” he said