Nigeria’s trade volume with South Korea plunges by 74%

FG suspends licensing of free trade zones
Minister of Industry, Trade and Investment, Adeniyi Adebayo

 

The Federal Government on Tuesday said the volume of trade between Nigeria and South Korea plunged by 74 percent within a two-year period.

Minister of Industry, Trade and Investment, Adeniyi Adebayo, said this while playing host to the South Korean Ambassador to Nigeria, Kim Young-Chae.

Adebayo said the volume of trade between both countries dropped from $5 million in 2018 to $1.3 million in 2019.

In a statement issued in Abuja by his media aide, Ifedayo Sayo, the minister expressed concern over the decrease in the volume of trade between both nations.

He said Nigeria and South Korea shared strong economic and investment ties with over 20 Korean companies operating in Nigeria.

He called on Korean investors to take advantage of Nigeria’s involvement in the African Continental Free Trade Zone to invest in Nigeria so that they would have access to the large market on the African continent.

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

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