Market News

Nigeria’s exports to South Korea rose 91 percent in the first nine months of the year, increasing trade and business relations between both countries by 55 percent, Kim Pan-kyu, South Korean Ambassador to Nigeria has said.

The ambassador who stated this at the 2024 Korea National Day reception of the Republic of Korea in Abuja recently, attributed the significant increase to the agreements signed by both countries during the Korea-Africa Summit earlier this year.

With the Korean government’s commitment to increase its Official Development Assistance (ODA) funding to $10bn by 2030, as well as provide $14bn to Africa-based Korean companies by 2030, Kim said they would catalyse projects for cooperation with Africa, especially Nigeria.

“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 said in a statement.

The ambassador said he was excited with the level of acceptance of Korean culture, especially its music by Nigerians.

According to him, there was a huge potential for cooperation between both countries in the creative economy. He noted that he was surprised at Nigerians’ high interest in Korean culture, language, drama, pop and food upon his first visit to the country earlier this year.

“I had an opportunity to observe a K-food contest in Abuja and was deeply impressed by the Korean foods made by Nigerian chefs.”

“When I observed the Taekwondo championship in Abuja recently, I had a feeling that in a few years, the number of gold medals that Korean athletes won at the Olympics may decrease due to brilliant Nigerian athletes.”

Also, the sharp trade increase feat happened when South Korea’s LG Electronics celebrated being listed among 100 top global brands.

LG has made significant strides in the global market with its innovative brand strategies, earning its place as a top global brand.

Speaking on the sidelines of the Korean National Day, Moses Osime, public relations manager of LG Electronics in Nigeria, said LG brings the best of Korean high-tech creations to improve the lives of the Nigerian people.

“On this national celebration, we are stressing our vision as a flagship leader in this industry, showing our utmost goodwill to work and strengthen ties between our brand and the local communities, through presenting world-class technologies that positively transform lives.”

At the event, LG showcased their innovative contributions to electronics technology among which were their InstaView refrigerator and OLED TV, both designed to enhance daily living with cutting-edge features.