Korea has announced a $10 billion development aid package for Africa by 2030, with Nigeria expected to be a major recipient.
This was revealed during the Korean National Day celebration in Abuja over the weekend, where Ambassador Kim Pankyu, Korea’s representative in Nigeria, stated in a statement,
“During the Korea-Africa Summit, my President announced that Korea would expand its official development assistance to $10 billion by 2030 to support African cooperation projects,”
Ambassador Kim said. He also added that an additional $14 billion will be allocated to support Korean businesses in Africa. “Nigeria, as a leading economy and the biggest market in Africa, is poised to be one of our most vibrant partners,” he added.
Ambassador Kim noted that Korea-Nigeria trade has already shown impressive growth, with trade between the two countries increasing by 55% in the third quarter of this year. “Imports from Nigeria to Korea grew by 91%, which I believe will continue as more Koreans are interested in Nigeria and vice versa,” he remarked.
The ambassador also highlighted Nigeria’s enthusiasm for Korean culture, from K-drama to Taekwondo. “When I observed a Taekwondo championship in Abuja, I felt Nigeria could soon compete for Olympic gold medals,” he said, expressing confidence that cultural exchanges would deepen bonds between the two nations.
Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, also praised Korea’s journey to becoming a global economic powerhouse and its commitment to African cooperation. Represented by Ambassador Janet Olisa, Tuggar said, “Nigeria expresses its appreciation for Korea’s decision to extend investment and development assistance to Africa.”
He noted the strong ties between Nigeria and Korea, established in 1980, with collaborations in construction, electronics, and chemical industries. Companies like Samsung, Daewoo, and Hyundai have contributed to Nigeria’s economy, creating job opportunities and boosting GDP.
“With the current momentum in our relations, I am optimistic both countries will work to further increase trade volume for mutual benefit,” Tuggar concluded.
