New Telegraph

Nigeria, Korea trade volume hits $2 with 50% increase – Envoy

The Ambassador of the Republic of Korea to Nigeria, Mr Kim Young-Chae, has said the volume of bilateral trade between Nigeria and the Republic of South Korea was $2billion at the end of 2021. Young-Chae who noted there was a 50 percent increase in trade volume which he said was almost equal despite the harsh realities of the COVID-19 pandemic, added that it was important for Nigerian businesses to better understand the Korean market and customers by studying them, in order to know what they really wanted to enable diversification of export products. Addressing journalists yesterday in Abuja, he disclosed that Korea was a great importer of sesame seed from Nigeria, adding that it portends a great potential which should be further explored by Nigeria.

Young-Chae, who also stated that oil and gas was South Korea’s major import from Nigeria, said Korea was looking forward to seeing a further increase in its bilateral relations with Nigeria, especially in the areas of agriculture and manufacturing goods. He said: “Last year 2021, our trade figures reached $2billion, after a 50 per cent increase, compared with the previous years.

2021 was a huge boost in our bilateral trade despite of the COVID pandemic. “I hope that the trade rises further; I am looking forward to seeing Nigeria as Korea’s largest trading partner in Africa. Nigeria is a huge force in terms of trade for our country. “Nigeria is the biggest economy in Africa, so she should be our biggest trading partner. The trade volume is almost balanced; your export volume and Korea’s export volume are almost equal. “Our export is mostly manufacturing goods, but last year, plastics and aluminium were areas that we saw huge increase.”

Read Previous

Ebonyi: 17 lawmakers appeal sacking, file stay of execution

Read Next

Benue killings: Don’t test patience of my people again, Ortom warns invaders

Leave a Reply

Your email address will not be published. Required fields are marked *