Korea to Provide $10 Billion Development Aid for Africa, Nigeria Among Top Beneficiaries

Ambassador of the Republic of Korea to the country, Ambassador Kim Pankyu has said Nigeria is among the top contenders to benefit from his country’s $10 billion development assistance to Africa.

He also said Nigeria also stand tall to benefit from the $14 billion boost to Korean companies to encourage their activities in Africa.

Speaking at at the Korean National Day Reception in Abuja at the weekend, the envoy said: “During the Korea-Africa Summit, my President announced that Korea would continue to expand official development assistance up to ten billion US dollars by 2030 as a catalyst for projects for cooperation with Africa.

“In addition, he committed to provide fourteen billion US dollars to Korean companies by 2030 to encourage their activities in Africa.

“I am happy to share the news that

recently an intra-governmental task force team has been composed to follow up on the economic partnership agreements made on the occasion of the Korea-Africa Summit.

Since Nigeria is a leading economy and the biggest market in Africa I believe that the partnership between Korea and Nigeria will be one of the most vibrant ones in the years to come.”

He added that: “In fact, we are already witnessing meaningful progress. During the third quarter of this year, the trade between Korea and Nigeria increased by fifty-five percent. In particular, I would like to point out the fact that the import from Nigeria to Korea increased by ninety-one percent. I believe that this positive development will continue as more and more Koreans are interested in Nigeria and more and more Nigerians are interested in Korea.”

Speaking in the level of relationship between the two countries, the Ambassador said: “When I first came to Abuja earlier this year, I was pleasantly surprised by Nigerian people’s high interest in Korean culture such as Korean language, K-drama, K-pop and K-food.

“I had an opportunity to observe K-food contest in Abuja and was deeply impressed by the Korean foods made by Nigerian chefs. When I observed Taekwondo championship in Abuja recently I had a feeling that in a few years the number of gold medals that Korean athletes win at the Olympics may decrease due to brilliant Nigerian athletes. My fellow Koreans may be disappointed, but as a former Korean ambassador to Nigeria I will be happy to watch that. I believe these kinds of cultural exchanges between our two countries

will strengthen our bonds of friendship and mutual understanding. Furthermore, I think there is a huge potential for cooperation between the two countries in the creative economy.”

On his part, the Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar said:

“Over the years, the world has witnessed the remarkable process that led to the emergence of Korea as one of the economic giants of Asia and one of the strongest economies in the world. The success story of Korea following the war in 1953, global economic downturns and the COVID-19 pandemic is a testament to the strength, determination and resilience of successive governments as well as the patriotism of the good people of Korea.

The Minister, who was represented by the Director of Regions in the Ministry of Foreign Affairs, Ambassador Janet Olisa, said: “I wish to commend the government of Korea for the efforts towards increased cooperation with Africa with the overall aim of achieving shared development through sustainable economic partnerships. The successful hosting of the first Korea – Africa Summit in Seoul in June 2024 is definitely a positive step towards a formidable partnership. Nigeria expresses its appreciation to the government of Korea for its decision, which was announced during the Summit, to extend its Trade and Investment Promotion Frameworks to Africa and to increase its investment and Official Development Assistance (ODA) to the continent.”

He noted that: “Nigeria and Korea have enjoyed excellent and vibrant relations since the establishment of diplomatic relations in 1980. These relations have continued to grow in leaps and bounds across various sectors, including political, economic, cultural and people-to-people relations. On the political front, the two countries have, in recent years, witnessed the exchange of high-level visits, the signing of significant MoUs, as well as the successful hosting of six sessions of the Nigeria – Korea Joint Commission. It is hoped that these relations will be elevated to a more strategic relationship with the highest level of engagement.

“In the economic sector, there have been close collaborations between the two countries in the fields of construction/heavy-duty industries, electronics and chemicals production. There is a significant number of Korean companies registered and doing business in Nigeria, including prominent companies like Samsung, Daewoo, and Hyundai Heavy Duty Industries, as well as LG, Samsung Electronics, and the Lotte Chemical industry. These companies have contributed immensely to the growth of the Nigerian GDP and have created job opportunities in the country..”

The Minister added that: “With the increasing momentum in our bilateral relations and improved trade relations, I am optimistic that both sides will work assiduously towards achieving a significant increase in the volume of trade for the mutual benefit of both nations.”

Michael Olugbode

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