Korea imports $2bn goods from Nigeria in 9 months

The Republic of Korea says over $2bn  worth of goods were imported from Nigeria in the last nine months of this year.

While Korea also exported goods worth over $800m to Nigeria.

Bohyun Pyun, the commercial Attache of the country in Nigeria,  who disclosed this in Ibadan said despite the fact that the trade balance was in favour of Nigeria, his office which is also known as Korea Business Centre (KBC), would continue to play pivotal role in expanding trade relationship between the two countries.

Speaking during his visit to the Ibadan Chamber of Commerce and Industry (ICCI), Pyun said many Korean companies are eager to explore and partner in various business areas in the country and Oyo State in particular.

According to him, the presence of country has been felt in Nigeria since 1966, long before diplomatic relationship was established in 1980.

The chamber,he pointed out, is better positioned as a business partner saying it could do this by collaborating with Korean investors in the mining and agricultural sectors because of the huge solid mineral deposits in the state.

The major export items to Nigeria,he also said are oil and gas plant and equipment; petrochemical products; automobile; electronics; machinery and medical or pharmaceuticals and textiles; and our major import products are natural gas and solid mineral.

“Korea is noted for quality products that meet international standard and in conformity with the Standard Organisation of Nigeria and NAFDAC approved standards for exports to Nigeria.”

In his address, President of the chamber,  Abimbola Makanjuola, said business opportunities abound in Ibadan and with the ongoing rehabilitation of Ibadan-Lagos expressway many factories would begin to relocate to the city.

The Chamber’s president noted  that the visit by the Korean officials would bring mutual benefits to the countries.

He added that the forum is an opportunity for business partnership, links and contacts and business synergies that will promote direct foreign investment into the country.

Remi Feyisipo