Bilateral trade between Nigeria and Korea increased by 38.6 percent to over $2.2 billion in 2024, the country’s Ambassador to Nigeria, Kim Pankyu, has said.
Speaking in Abuja on Thursday on the 45th anniversary of relations between both countries, Pankyu described Nigeria as Korea’s most important trade partner on the African continent.
“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 percent of Korea-Africa trade and over 70 percent of Korea’s project contracts in Africa. In 2024, our bilateral trade increased by 38.6 percent, reaching over 2.2 billion U.S. dollars, reflecting our strong economic partnership,” he stated.
The Ambassador pointed out that securing the Gulf of Guinea is critical for both Nigeria and transit countries like the Republic of Korea, saying, “Every day, several of our merchant ships pass through the Gulf of Guinea, and around 40 of our fishing vessels, carrying hundreds of fishermen, also operate there. We are committed to increasing Korea’s support for capacity-building in the Nigerian military and security sectors.”
On efforts being made to boost Nigeria’s internal security, the Envoy hinted that plans are underway to finalise defense and defense industry cooperation MOUs that have been under discussion for some time.
He also disclosed that KOICA Nigeria is conducting a project to promote digital governance and multimedia learning in primary schools, worth $13 million, which is expected to come on stream next year.
He added, “These contributions 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.”
The Ambassador stated that given the wide-ranging cooperation between both countries, it is difficult to identify just one area of collaboration.

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