Nigeria, Korea Marks 45 Years Of Diplomatic Relationship
Tracy Ohovwore
Nigeria marks its 45th anniversary of peaceful coexistence with the Republic of Korea, which has facilitated opportunities for trade relations between the two countries.
Speaking to journalists, the Ambassador of the Republic of Korea to Nigeria, Kim Pankyu, expressed Korea’s commitment to Nigeria as they celebrate the 45th anniversary of their bilateral relationship, which has grown significantly.
Highlighting some of the achievements attained as a result of the peaceful coexistence, Pankyu said that,
“ One 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.
“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.
Nigeria remains Korea’s most important trade and investment partner in Africa. 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 organizations.” Ambassador Pankyu informed.
He added that the collaboration amongst these countries will make room for even greater cooperation in trade and investment. He further added that the Double Taxation Avoidance Agreement and the Trade and Investment Promotion (TIPF) MOU will mark a new chapter in their economic relations.
Pankyu also commended the Nigerian government and its officials for creating a favorable investment environment and enabling discussions that will benefit the two countries.
According to him, “we hope to finalize 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.
“Last month, we opened the Korea-Nigeria Information Access Center in Abuja, supporting Nigeria’s digital-capacity building efforts. I also had the pleasure of attending Korea Day event at the American International School Abuja (AISA), where students enjoyed Korean culture and cuisine. “ he said.
Giving instances of plans made ahead with the synergy of the two countries, Pankyu explained that KOICA Nigeria is conducting a project to improve digital governance and multimedia learning in primary schools, with larger-scale projects budgeted to come in the next few years.
“These contributions and collaboration demonstrate the mutual trust and friendship between Korea and Nigeria. As Ambassador, I will continue working to facilitate our long-standing partnership for the years ahead. “ Pankyu declared
