Korea Seeks Nigerian Manufacturing Shift
….Urges Ratification of 20-Year Tax Treaty
…Ambassador calls for technology transfer, local production and investment beyond oil trade
South Korea has urged Nigeria to restructure its trade relationship with the Asian country by shifting from crude oil exports and imports of manufactured goods to local production, technology transfer and investment in agriculture and industry.
Korean Ambassador to Nigeria, Jeong Yo-an, made the call on Wednesday in Abuja, saying the existing trade pattern had limited the potential of a bilateral relationship worth about $1.1 billion in 2025.
“Today, Nigeria sells us mostly oil and gas. Korea sells mostly cars, electronics and machinery. We can do much more than that,” he said.
Jeong identified local assembly, agricultural machinery production, digital skills, maritime services and emerging industries as priority areas for stronger cooperation.
He also urged Nigeria to ratify the double taxation agreement signed by both countries in 2006, saying the 20-year delay was affecting investor confidence.
He said predictable policies on foreign exchange, customs and taxation were necessary to attract long-term investments.
The ambassador cited the involvement of Korean companies in major Nigerian projects, including Daewoo Engineering and Construction’s work on the Nigeria LNG Train Seven project and the Indorama fertiliser plant. He also named Samsung, LG, Hyundai and Solpia among companies working with Nigerian partners in various sectors.
He encouraged Nigerian businesses to use the Korea Trade-Investment Promotion Agency (KOTRA) office in Lagos to establish links with Korean companies and explore opportunities in the Korean market.
The beauty and cosmetics industry, he added, offered prospects for local distribution, employment and partnerships, with Korean manufacturers expected to participate in the Beauty West Africa exhibition on November 13.
On development cooperation, Jeong said about 2,000 Nigerian government officials had received training in South Korea through the Korea International Cooperation Agency (KOICA).
He said KOICA’s Smart School project, implemented with the Universal Basic Education Commission, had reached about 8,000 pupils and trained more than 300 teachers and school administrators.
He also highlighted the Abuja Centre for Entrepreneurship, being developed in partnership with the Small and Medium Enterprises Development Agency of Nigeria and the United Nations Development Programme. Groundbreaking for the centre took place in September.
The facility is expected to provide young Nigerians with entrepreneurship training, mentorship and connections to finance and markets.
Jeong said Nigerian institutions would operate the centre, while a Training of Trainers programme would build local capacity to sustain its activities.
“A building alone does not create entrepreneurs,” he said, stressing the need to connect start-ups with investors, markets and private-sector operators.
He disclosed that KOICA was also working with the Food and Agriculture Organisation on agricultural initiatives aimed at creating green jobs for Nigerian youths.
Other areas of cooperation include digital development, postgraduate scholarships and government fellowships in information technology, public administration and health. The Nigeria-Korea Information Access Centre, established in Abuja in 2025, is also expected to strengthen digital literacy and access to technology resources.
The ambassador said future partnerships would place greater emphasis on private companies, start-ups and innovators, particularly in artificial intelligence, digital content and technology-based entrepreneurship.
He urged Nigeria to adapt lessons from South Korea’s development experience rather than attempt to replicate its model.
“The key word is not ‘copy’. The key word is ‘adapt’. Nigeria will write its own story. Korea is ready to share what we have learned,” he said.
On diplomatic relations, Jeong cited the 2024 Korea-Africa Summit in Seoul and the first Korea-Africa Foreign Ministers’ Meeting held in June as milestones in strengthening engagement.
He said South Korea welcomed Nigeria’s offer to host the seventh session of the Nigeria-Korea Joint Commission in Abuja.
He also disclosed that South Korea was working towards expanding its Official Development Assistance to $10 billion by 2030 and providing $14 billion in export financing to support Korean companies operating in Africa. The country is also planning to host the second Korea-Africa Summit in 2029.
The ambassador said cultural exchanges remained an important part of bilateral relations, disclosing that more than 300,000 people had participated in programmes organised by the Korean Cultural Centre Nigeria.
He said this year’s Korean Film Festival attracted about 1,000 participants, while the K-pop Festival in Lagos drew more than 400 young people. The 14th Korean Ambassador’s Cup Taekwondo Championship in Abuja also attracted about 350 athletes.
Jeong said the embassy planned to expand cultural activities to more Nigerian cities and universities and promote joint film and music productions. He disclosed that Nigerian creators had already produced two Korean-Nigerian drama productions.
He also pledged to support opportunities for Nigerian journalists to visit South Korea through media exchange programmes, including the World Journalists Conference.
The ambassador, a former military officer who served for 36 years before joining the diplomatic service, said he would focus on practical results during his tenure in Nigeria.
“The army taught me one simple lesson: trust is built when you keep your word. That is how I want to work in Nigeria – with more results,” he said.
