FG says Nigeria/S’Korea trade volume drops 74% in two years

The Federal Government of Nigeria on Tuesday, said the trade volume between Nigeria and the Republic of South Korea declined by 74 per cent within a two-year period.

The Minister of Industry, Trade and Investment, Adeniyi Adebayo, said the volume of trade between both countries dropped from $5m in 2018 to $1.3m in 2019.

In a statement issued in Abuja by his media aide, Ifedayo Sayo, after the minister hosted the South Korean Ambassador to Nigeria, Kim Young-Chae, Adebayo stated his displeasure about the development and called for an improvement going forward.

He disclosed that Nigeria and South korea shared strong economic and investment ties with over 20 Korean companies presently operating in Nigeria, including Samsung and Hyundai Heavy Industries, among others.

The minister stressed the need for the South Korean embassy, the Federal Ministry of Foreign Affairs and his ministry to collaborate towards boosting the volume of trade between the two countries.

He called on Korean investors to take advantage of the Nigeria’s involvement in the African Continental Free Trade Zone to invest in the country, to have a better access to the large market on the African continent.

Also, he urged the ambassador 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.

Meanwhile, the Korean ambassador promised to deepen the trade relations between the two countries and assured the minister that he would support government programmes.