Korea’s $1.1bn Trade with Nigeria Exposes Untapped Industrial Partnership, Ambassador Warns
– Seeks resolution of 20-year-old tax treaty as Seoul pushes manufacturing, tech transfer, local production Michael Olugbode in Abuja South Korea has identified Nigeria’s failure to complete the ratification of a
Korea's $1.1 billion trade relationship with Nigeria presents an opportunity for a broader industrial partnership, according to Korean Ambassador to Nigeria Jeong Yo-an. The ambassador warned that unresolved issues, such as the 20-year-old tax treaty, hinder deeper investment relations and urged Nigeria to complete the ratification process.
South Korea identified areas for collaboration, including manufacturing, technology transfer, agricultural industrialization and local employment. The ambassador called for the establishment of local assembly, machinery production and digital skills development, emphasizing that Nigeria should move beyond selling energy resources to South Korea and become a producer of goods.
The ambassador also highlighted potential cooperation in renewable energy, digital technology and maritime development.
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