45 years of bilateral relations: Nigeria, Korea’s most investment partner in Africa – Envoy

The Korean Ambassador to Nigeria, Mr Kim Pankyu, has revealed that the bilateral relations between Nigeria and his country have continued to deepen, 45 years after.

Mr. Pankyu who spoke in Abuja said Nigeria remains Korea’s most important trade and investment partner in Africa, even as he revealed how various engagement thresholds between Nigeria and Korea have soared high since his arrival in 2024.

“Since I first had my official upon my arrival, the relationship between Korea and Nigeria has grown significantly.nOne of the most notable milestones was the first-ever Korea-Africa Summit last June.

“We facilitated high-level discussions between Korea and Nigeria, including meetings between the Ministers of Foreign Affairs, Industry and Trade, and Tourism. The Nigerian delegation also participated in the Korea-Africa Business Summit and various forums on ICT, health, tourism, and energy.

“This was a major step in strengthening Korea’s engagement with African countries, fostering inclusiveness and cooperation.”

Talking about the 45 years of collaborations between Nigeria and Korea, the Korean Ambassador said, “This year marks the 45th anniversary of diplomatic relations between Korea and Nigeria. We are committed to further strengthening our ties, particularly in economic cooperation, security, and people-to-people exchanges.

“It accounts for 10% of Korea-Africa trade, and over 70% of Korea’s project contracts in Africa. In 2024, our bilateral trade increased by 38.6% (thirty eight point six percent), reaching over 2.2 (two point two) billion US dollars, reflecting our strong economic partnership.And at the corporate level, for example, Korean biotech company SD Biosensor’s HIV rapid test kit has been approved for packaging in Nigeria by Colexa Biosensor Ltd. and Codix Pharma Group.

“This year alone, up to 15 million kits will be procured by governments across Africa and major international organisations. Looking ahead, I believe there is room for even greater cooperation in trade and investment. Both countries are working closely to conclude key agreements as early as possible.

“The Double Taxation Avoidance Agreement and the Trade and Investment Promotion (TIPF) MOU will mark a new chapter in our economic relations.To further expand Korean business operations in Nigeria, a favorable investment environment is essential. During the meetings, many Nigerian government officials also recognized the importance of investor-friendly policies.

“Measures such as preferential tariffs and tax incentives will attract more investments from Korean companies, benefiting both economies. With over 40 years of experience in military and security affairs, I am committed to enhancing our security collaboration. In particular, maritime security in the Gulf of Guinea is critical for both Nigeria and transit countries like the Republic of Korea.”

On maritime and other forms of security measures, he said, “Every day, several of our merchant ships pass through the Gulf of Guinea, and around 40 of our fishing vessels, carrying hundreds of fishermen, are also operating there. We are committed to increasing Korea’s support for capacity building in the Nigerian military and security sectors. Additionally, we hope to finalise defense and defense industry cooperation MOUs that have been under discussion for some time.Beyond economic and security partnerships, the Korean Embassy actively supports cultural and development initiatives through KOICA and the Korean Cultural Center.”

He said in February 2025, a the Korea-Nigeria Information Access Center was launched in Abuja, supporting Nigeria’s digital-capacity building efforts.

“In addition, KOICA Nigeria is conducting a project to improve digital governance and multimedia learning in primary schools, worth 13 million and 10 million U.S. dollars, respectively. A larger-scale projects are to come in the next few years.

“These contributions and collaboration demonstrate the mutual trust and friendship between Korea and Nigeria,” he said.

On investment and other economic advantages, Ambassador Pankyu said leading Korean companies such as Daewoo Construction and Samsung Heavy Industries have made significant impacts in Nigeria’s economy through Corporate Social Responsibility (CSR) By also providing providing solar panels and water boreholes to local communities, adding, “These economic collaborations are not only strengthening our mutual interests but also contributing to Nigeria’s sustainable development.”

On agriculture, the Korean Ambassador identified that Nigeria has excellent agricultural conditions, including vast land, diverse vegetation, and a variety of climates, with an assurance that Korea is ready to support Nigeria’s efforts to promote food security with its skills and experiences.

Going down memory lane, he said, “The history of Korea-Nigeria agricultural cooperation dates back over 50 years to 1971, when Dr. Han Sang-ki conducted cassava research at the International Institute of Tropical Agriculture (IITA) in Ibadan.

“Currently, various Korean initiatives are being implemented in the region, including KAFACI and K-Ricebelt. Korea-Africa Food and Agricultural Cooperation Initiative. Nigeria, as a member of KAFACI since its inauguration in 2010, has participated in multiple agricultural R&D Cooperation so far.

“We also look forward to Nigeria’s joining of the K-Ricebelt soon. Additionally, I have been encouraging the Nigerian government to join the Saemaul Undong (New village movement). Saemaeul Undong movement was the key driving force of Korea’s remarkable development in rural areas during 1970s and 80s. It takes a very fundamental approach by nurturing positive mindset of the people, with the values of diligence, self-help, and cooperation.

On education, the Korean Ambassador said, “One of Korea’s significant education and exchange programs is the Global Korean Scholarship (GKS) program. Since 2009, the KCC has annually recommended 6 to 8 Nigerian students, offering them the opportunity to study at prestigious universities in Korea. – GKS scholars go on to play key roles in various sectors after completing their studies.

“After earning their degrees in Korea, they return to Nigeria and contribute to the country’s national development. – They also serve as a vital link in strengthening cooperation between Korea and Nigeria.

“In 2024, we established a GKS Alumni Network for Nigerian scholarship recipients who studied in Korea to build a close network.

“As of this year, the total number of GKS graduates has reached 90. We expect that this strong network will further promote friendship and collaboration between the two countries through close encounters in the future.”