Nigeria Seeks Korean Investment Beyond Oil, Gas
…calls for stronger trade ties, technology transfer, job creation
The Federal Government has called for increased South Korean investment in manufacturing, automobile assembly, shipbuilding and agriculture, seeking to expand bilateral trade beyond crude oil and liquefied natural gas.
The Nigerian Government also expressed readiness to host the seventh session of the Nigeria-South Korea Joint Commission in Abuja to deepen economic cooperation, technology transfer and employment generation.
The Chief of Protocol, Ministry of Foreign Affairs, Amb. Babagana Wakil, made the call on Friday while delivering a goodwill message on behalf of the Minister of Foreign Affairs, Ambassador Bianca Ojukwu, at the 2026 South Korean National Day reception in Abuja.
Wakil noted that Nigeria recognised South Korea’s achievements in industrialisation, technology, manufacturing and infrastructure development, noting that the country could benefit from greater cooperation with the Asian nation.
He said: “However, there remains considerable potential to expand trade volume beyond crude oil and liquefied natural gas. We need to promote non-oil exports, including agricultural produce.”
Wakil urged South Korean companies to explore opportunities in Nigeria’s productive sectors, particularly manufacturing, automobile assembly and shipbuilding, to facilitate technology transfer and create jobs.
The government also identified agriculture as a key area for collaboration, expressing interest in South Korea’s expertise in mechanisation, improved rice production and agro-processing to strengthen food security and agricultural productivity.
“In this regard, Nigeria looks forward to exploring opportunities to participate in Korea’s K-Ricebelt initiative.”
He further called for stronger cooperation in education, digital technology, research, scholarships and technical training, stressing the need to equip young Nigerians with relevant skills and expertise.
Wakil, who disclosed that he had benefited from a capacity-building programme facilitated by the Korea International Cooperation Agency (KOICA), said many Nigerians had also gained from the agency’s training initiatives.
He urged both countries to sustain such programmes to strengthen human capacity development and expand opportunities for the country’s growing youth population.
On maritime security, the envoy said Nigeria and South Korea shared common interests in safe shipping, secure waterways and maritime infrastructure, adding that closer cooperation in shipbuilding, fisheries and technical capacity development would support trade and investment.
He said the Nigeria-South Korea Joint Commission remained an important framework for advancing bilateral relations, noting that the sixth session was held in 2021.
Nigeria, he added, looked forward to hosting the seventh session in Abuja and urged senior South Korean government officials and investors to explore opportunities across the country’s economy.
Earlier, South Korea’s Ambassador to Nigeria, Jeong Yeon, reaffirmed his country’s commitment to strengthening bilateral relations through investment, entrepreneurship, education and cultural exchanges.
The ambassador disclosed that the Abuja Centre for Entrepreneurship, established through a partnership involving KOICA, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the United Nations Development Programme (UNDP), was expected to support hundreds of young entrepreneurs and start-ups.
He also said South Korea’s Smart School project, implemented in partnership with the Universal Basic Education Commission (UBEC), had reached 8,000 children and trained more than 300 teachers and school leaders.
According to him, KOICA and the Food and Agriculture Organisation are also collaborating to create green jobs for young Nigerians in agriculture, while about 2,000 Nigerian officials have received training in Korea through KOICA programmes.
“Our shared goal is simple: more opportunities for young people, stronger local businesses, and better lives for our people,” Jeong said.
The ambassador identified Korean companies, including Daewoo E&C, LG, Samsung, Hyundai and Solpia, as participants in Nigeria’s energy, manufacturing, clean water and digital technology sectors.
He said the South Korean Embassy, working with the Korea Trade-Investment Promotion Agency (KOTRA), would continue to promote investment, technology sharing and local employment.
Jeong also highlighted the role of cultural exchanges in strengthening relations between both countries, citing Nigerian interest in K-pop, Korean films and dramas, alongside South Korea’s appreciation of Afrobeats and Nollywood.
Nigeria and South Korea established diplomatic relations in 1980, with both countries maintaining cooperation in trade, education, technology and other areas of mutual interest.
