The Nigerian Institute of International Affairs (NIIA) and the Embassy of the Republic of Korea have advocated the need to strengthen economic cooperation and promote sustainable partnerships between both countries beyond the oil and gas sector.
This was the focus of a high-level forum held at the NIIA headquarters in Lagos, with the theme: “Economic Partnership and Sustainable Development: Korea’s Shared Experience.”
The event brought together diplomats, scholars, and policy experts from Nigeria and Korea to explore pathways for deepening bilateral relations and addressing shared development challenges.
The session, which featured paper presentations and panel discussions, highlighted Korea’s remarkable economic transformation, its lessons for Nigeria, and the need for both nations to expand their partnership into new areas such as manufacturing, education, agriculture, technology, and renewable energy.
Charge d’Affaires of the Embassy of the Republic of Korea, Mr. Tak Namgung, said Korea was eager to expand its trade and investment presence in Nigeria through more diversified and value-added economic cooperation.
“From Nigeria, we import oil and gas, which are fundamental to economic development,” he said. “But at the same time, we also see an opportunity for trade in more value-added sectors. That is why we are here—to explore deeper, concrete collaborations that can benefit both countries.”
Namgung explained that Korean companies were showing increasing interest in the Nigerian economy, not just for oil and gas, but for sectors with long-term potential such as technology, infrastructure, and agriculture.
“Some Korean companies are in Nigeria today, not only for oil and gas, but to explore opportunities for in-depth partnerships that can drive industrial development and mutual growth,” he added.
He disclosed that both countries signed a Double Taxation Avoidance Agreement in 2006, but the agreement is still awaiting ratification by the Nigerian government.
“When the double taxation avoidance agreement is finalised, it will bring more Korean investors into Nigeria and make trade and business easier for both sides,” Namgung said. “It will be mutually beneficial for both countries and help to create a friendlier investment environment.”
The Korean envoy also reflected on his country’s economic history, describing education as the most critical driver of Korea’s success.
“During Korea’s development history, education was always number one,” he said. “Even during periods of hardship, parents never allowed their children to stay away from school. They believed education was the only way to survive and uplift their families.”
He said the national commitment to education produced a highly skilled and disciplined workforce that propelled Korea into one of the world’s most advanced economies.
“That mindset built the foundation for a sustainable Korea,” Namgung emphasized. “And I see similar potential in Nigeria, where young people are increasingly seeking education and innovation,” he added.
Namgung, however, called on Nigeria to continue addressing security challenges, stressing that investor confidence depends on safety and stability.
“While Nigeria remains an attractive destination, it is important to reassure foreign investors of safety and stability,” he said. “That way, not only Korean companies but investors from around the world will continue to see Nigeria as a place of opportunity.”
On the lessons Nigeria can draw from Korea’s experience, Director-General of NIIA, Prof. Eghosa Osaghae, described South Korea as “one of the great economic miracles of the 20th and 21st centuries”.
He explained that Korea’s rise from a poor, agrarian economy to a trillion-dollar industrialised nation demonstrates the power of vision, leadership, and consistent national planning.
“South Korea moved from a subsistence-based economy to one of the world’s top industrial powers,” Osaghae said. “It faced colonial history, war, and poverty—yet emerged as a model of modern development. That experience shows us that transformation is possible when leadership, the state, and the private sector work together.”
The NIIA DG noted that Korea’s development model is built on a bipartisan state approach to economic planning, in which the government plays an enabling role while encouraging private sector growth.
“Korea’s success was not about government withdrawing from the economy,” he explained. “Rather, the state provided leadership, direction, and incentives while the private sector took the lead in innovation and enterprise.”
Prof. Osaghae pointed out that Korea’s model of cooperation between the state and private sector is already being adopted in parts of Africa.
“We have seen examples in Rwanda, where state-led, private-driven initiatives in the ICT sector have achieved impressive results,” he said. “This partnership between policy and enterprise is something that Nigeria can also emulate to accelerate development.”
He commended Korea’s ability to align its foreign policy with its national priorities.
“South Korea has always identified key themes at different stages of its development,” Osaghae said. “At one time, it focused on resource diplomacy, later on energy transition diplomacy, and today, it has embraced critical minerals diplomacy. Each of these phases reflects clear national goals and the ability to adapt to global changes.”
According to him, such a focused approach to national strategy can help African countries, including Nigeria, to specialize in areas where they have comparative advantages.
“With greater specialisation, Nigeria can strengthen its foreign policy objectives and economic vision,” he said.
Prof. Osaghae also emphasized the importance of agriculture and food security as essential foundations for sustainable development.
“South Korea’s transformation from an agrarian society to an industrialized nation was built on a strong agricultural base,” he said. “The country achieved food security, and that gave it the stability to focus on industrial growth. The truth of South Korea’s miracle is that it enjoys food sovereignty—you cannot make meaningful progress without it.”
He encouraged Nigeria to adopt a similar approach to agricultural modernization and rural development, adding that food security remains central to the nation’s economic independence.
Earlier, scholars and panelists at the event discussed strategies for promoting economic cooperation and navigating investment risks between Nigeria and Korea. Contributors included Dr. Adesuwa Erediauwa, Dr. Yinika Hameed, Prof. Efem Ubi, Dr. Nicholas Erameh, Dr. Inna Frank Ogbise, and Prof. Femi Otubanjo.
Their discussions centered on topics such as “Strategic Cooperation on the Global Stage: Navigating Security Challenges and Investment Risks,” and the role of international partnerships in fostering sustainable development.
In his closing remarks, Prof. Osaghae commended the Korean Embassy for its continued engagement with the NIIA and expressed optimism that the outcomes of the dialogue would strengthen the foundation for future cooperation.
“This is not just an academic conversation. It is about building bridges of understanding and practical partnerships that can deliver measurable development outcomes for both Nigeria and Korea,” he said.
