Frank Ikpefan, Abuja
Nigeria will continue to be Republic of South Korea’s most important trading partner in Africa because of its potentials, its Ambassador to Nigeria, Lee In-Tae, has said.
The envoy noted that Nigeria’s economic opportunities has increased with the signing of the African Continental Free Trade Area (AfCFTA) Agreement that will create a single market of 1.2 billion people, leading to a gross domestic product (GDP) of $3.4 trillion.
The ambassador, who spoke at the opening of the Korea-Nigeria Joint Partnership Infrastructure Seminar in Abuja, noted that Nigeria is the biggest economy with the biggest population in Africa.
He explained that the countries relationships had grown rapidly especially in the area of economic cooperation since it established diplomatic relations in 1980.
He called for an upgrade of economic partnership between the two countries as they prepare to celebrate 40th anniversary of establishing diplomatic relations between both countries.
The envoy said: “Nigeria is the biggest economy with the biggest population in Africa. It is also the top oil producer of this continent and now, Nigeria is part of the African Continental Free Trade Area (AfCFTA) Agreement, which will create a single market of 1.2 billion people with a GDP of 3.4 trillion US Dollars. Thus, Nigeria is, and will continue to be, Korea’s most important trading partner in Africa.
“Since Korea and Nigeria established diplomatic relations in 1980, our relationship has grown rapidly especially in the area of economic cooperation. Our trade volume in 2018 was two billion US dollars. This is a huge figure, considering that Nigeria’s GDP per capita in 2018 was about 2,050 US dollars. In other words, our trade volume was equal to GDP of nearly one million Nigerians.
“I know this is an impressive figure, but we can be more ambitious. As Korean Ambassador, I would like to see this number grow much bigger. Nigeria is a country full of economic potential, and we must seize this opportunity to expand our economic cooperation. We must also work together to build Nigeria’s infrastructure.”
The envoy, who linked a country’s infrastructure to the bones in a human’s body, added that for a country to be strong, its infrastructure needed to be strong too.
According to the envoy, Nigeria would experience economic growth like no other African nation if its infrastructure becomes world-class, and that the people would benefit enormously.
Minister of State for Power Goddy Jeddy- Agba expressed optimism that with steady and time-tested investment, Nigeria’s infrastructural deficit will be reduced.
Prince Jeddy- Agba noted that already, the present administration was making concerted efforts in ensuring that funds are appropriately deployed, even as it expands its partnership drive to willing investors.
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