Nigeria, South Korea’s Trade Volume Hits $1.1bn In Q2 2022

Trade volume between South Korea and Nigeria has hit $1.1bn within the first two quarters of 2022. This indicates a 20 per cent increase  compared to same periods in 2021.

South Korean Ambassador to Nigeria, Kim Young-Chae, revealed this during the first official visit of the President of the Korea Africa Foundation (KAF), Lyeon Woon-ki, to Nigeria.

LEADERSHIP reports that in the past few years, there has been a general depreciation in global trade owing to COVID-19 pandemic, including the decrease of volume of trade between Nigeria and South Korea.

But President Woon-ki said Nigeria displaced South Africa to become Korea’s largest trade partner in 2021.

This is in spite of the negative public perception of Nigeria which poses a great disadvantage, dissuading Korean businesses from investing in the Nigerian market.

“Koreans do not have a good perception of Nigeria. Most Koreans believe Nigeria is a difficult, odd place to live,” said Woon-ki, who was on the last leg of his Africa mission trip to Ghana, South Africa and Nigeria.

He, however, noted that trade volume is reviving, and will improve with his visit to Nigeria, the Nigerian Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA), and the Nigeria Business Forum organised by the Nigerian Embassy in Korea scheduled to hold on October 2022.

In addition, KAF also hosts the annual Korea Africa Business Forum, and the Seoul Dialogue on Africa which convenes scholars, officials…