The value of trade between Nigeria and South Korea plunged by 74 percent within a two-year period, the Federal Government says on Tuesday.
The Minister of Industry, Trade and Investment, Adeniyi Adebayo, expressed concerns over the diminishing trade ties between both countries in a statement issued in Abuja by his media aide, Ifedayo Sayo.
He stated that the value of trade between both countries dropped from $5million in 2018 to $1.3million in 2019 and called for an improvement going forward.
The statement said Adebayo disclosed this when the South Korean Ambassador to Nigeria, Kim Young-Chae, paid him a visit in Abuja.
The statement read in part, “The minister noted that the volume of trade between the two countries went down from $5m in 2018 to $1.3m in 2019.”
The minister said Nigeria and South Korea shared strong economic and investment ties with over 20 Korean companies presently operating in Nigeria.
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Adebayo named some of the companies to include Samsung and Hyundai Heavy Industries.
The minister stressed the need for the South Korean embassy, Federal Ministry of Foreign Affairs, and his ministry to work closely towards improving the volume of trade between the two countries.
He called on Korean investors to take advantage of Nigeria’s involvement in the African Continental Free Trade Area (AfCFTA) to invest in Nigeria so that they would have access to the large market on the African continent.
Adebayo told his visitors to encourage investors from South Korea to invest in the new special economic zones established by the ministry in each of the six geographical zones across the country.
The Korean ambassador promised to deepen the trade relations between the two countries and assured the minister that he would support government programmes.
