Korea, Nigeria Trade Now $2bn As 14 Firms Show Interest

Korea’s bilateral trade volume with Nigeria rose to $2billion in 2018, the Korean Ambassador to Nigeria, Lee In-Tae, has said. Ambassador Lee disclosed this in Abuja at the Korea-Nigeria joint partnership infrastructure seminar. “Our trade volume in 2018 was two billion US dollars. This is a huge figure, considering that Nigeria’s GDP per capita in 2018 was about 2,050 US dollars.

In other words, our trade volume was equal to GDP of nearly one million Nigerians. “I know this is an impressive figure, but we can be more ambitious.
As Korean Ambassador, I would like to see this number grow much bigger.” He said Nigeria’s economy would be stronger if it improved its infrastructure.

“Imagine what Nigeria could achieve when its infrastructure becomes world-class. Nigeria would experience economic growth like no other African countries. The Nigerian people will benefit enormously from its superior infrastructure”, he noted. Lee said 14 companies, had signified their intention to invest in Nigeria.

“Their construction skills and technology are one of the most advanced in the world, and they can help build sustainable infrastructure in Nigeria’’, Ambassador Lee told top Nigerian officials at the gathering, including the Minister of State for Power, Goddy Jedy Agba.

If Korean companies can help build Nigeria’s infrastructure, Korean companies will also contribute to the success of President Buhari’s efforts to achieve his Economic Recovery and Growth Plan,’’ he said. Mr Agba, the Minister of State for Power, said President Buhari would continue to build more infrastructures across the country. He said Nigeria’s power infrastructure would continue to be improved upon to take the economy to enviable height.