Nigeria plans to enhance economic ties with South Korea following the export of $2.26 million (N3.4 billion) worth of alloys and unwrought aluminum in Q4 2023, according to the West African country’s Foreign Affairs Minister Yusuf Tuggar. This move comes amid an improvement in bilateral trade between both nations that saw Nigeria import approximately $203 million (N304.6 billion) during the same period. Korea ranked as Nigeria’s seventh top import trading partner in late 2023, with key imports including mackerel, a popular meal among the country’s citizens. Also, Korean companies are expanding their presence in Nigeria, especially in construction, with orders worth $15 billion in 2020 alone. To achieve Nigeria’s goal of expanding bilateral relations between both countries, Tuggar is currently attending the maiden South Korea-Africa Summit where he plans to explore new avenues for strengthening South Korea-Nigeria ties.
SOURCE: NAIRAMETRICS
