CSEA Discourse: Nigeria, S’Korea Seek Stronger Partnership in Tech, Job Creation, Others

• Envoy canvasses shift from diplomatic goodwill to concrete projects • PEBEC advocates more Korean investment in energy, others Nigeria and South Korea have called for a stronger economic partnership capable of translating their 46-year diplomatic relationship into increased investment, technology transfer, skills development and job creation. Speaking at the Nigeria Economic Diplomacy Discourse organised by the Centre for the Study of the Economies of Africa (CSEA), in collaboration with the Embassy of the Republic of Korea in Nigeria, the Korean ambassador to Nigeria, Jeong Yo-an, said the 46-year relationship between both countries should now be driven by concrete economic projects. The event, with the theme, “Korea-Nigeria Economic Partnership: Practical Frameworks for Trade, Investment and Fiscal Cooperation,” brought together government officials, diplomats, development experts and private sector stakeholders to examine how the longstanding bilateral relationship could deliver more measurable economic outcomes. Yo-an said the objective should be to build partnerships that generate investment, transfer technology, develop skills and create jobs, noting that the strength of a relationship should not be measured merely by the length of time it has existed. According to him, economic diplomacy should serve as a bridge connecting governments, institutions, businesses, knowledge and people, while ensuring that those connections ultimately translate into tangible results. He cited the recent ground-breaking for the A.C.E. Sanctuary as an example of how ideas could be converted into implementation through capacity building, institutional strengthening, knowledge sharing and technology. The ambassador said Nigeria could also draw useful lessons from Korea’s economic transformation, but cautioned against attempting to replicate the Korean experience wholesale. “Nigeria has its own history, resources, institutions and opportunities. Nigeria must find its own path. We would therefore like to share what worked and what did not work, and what lessons may be useful for Nigeria. The key word is not copy, but adapt,” he said. He identified manufacturing, digital technology, energy, agriculture and healthcare as some of the areas where both countries could deepen cooperation, stressing that Nigeria’s large market, human resources and natural endowments could complement Korea’s manufacturing capabilities, technology, infrastructure and skills. He said both countries should also look beyond the simple sale of products and explore opportunities for joint production, processing, assembly, technology cooperation and stronger integration into global value chains. “Economic cooperation is not only about money. It is about people. It’s about knowledge. And increasingly, it is about technology,” he said. He added that the success of the partnership should be measured by new investments, stronger links between companies, technology transfer, increased local production and the creation of skills and opportunities for young Nigerians. The ambassador proposed a three-step approach to deepening the relationship, beginning with the sharing of experiences, followed by the identification of practical opportunities and the conversion of those opportunities into concrete cooperation projects with proper implementation and follow-up. “Today, let’s turn goodwill into practical frameworks. Let us turn those frameworks into actions. And let us turn action into shared prosperity,” he said. The Executive Director of CSEA, Dr Chukwuka Onyekwena, said the discourse was designed to examine how Nigeria’s relationships with strategic partners could produce concrete outcomes in trade, investment, industrial cooperation, technology transfer and fiscal cooperation. Onyekwena said Korea’s development experience was relevant to Nigeria not as a prescription but as an opportunity to examine the deliberate policy choices that supported its transformation, including investments in human capital, technological capability, infrastructure, industrial policy and public-private collaboration. He said Nigeria’s large market, productive base, natural resources and strategic position in Africa could complement Korea’s strengths in manufacturing, technology, infrastructure, innovation and global value-chain integration. He noted that the discussions also covered trade facilitation, foreign exchange processes, customs efficiency, regulatory predictability and incentives, stressing that fiscal and legal frameworks, including the pending Double Taxation Avoidance Agreement between Nigeria and South Korea, could further facilitate investment and trade. Also speaking, the Director General of the Presidential Enabling Business Environment Council (PEBEC), Zahra Audu, called for increased investment by Korean businesses in Nigeria, particularly in areas that would promote technology transfer and build local capacity. Audu said the Nigeria-Korea relationship had expanded beyond traditional diplomacy into trade, investment, infrastructure, energy, manufacturing, technology, education and development cooperation, with emerging opportunities in digital transformation, smart manufacturing, green energy and skills development. She said the experience of investors would ultimately depend on the predictability of Nigeria’s business environment, including regulations, movement of goods through ports and access to government services. Audu said Nigeria’s resources, entrepreneurial energy and strategic position on the continent provided significant opportunities for Korean companies, while Korea’s technology, manufacturing expertise, infrastructure and skills could support Nigeria’s development ambitions. She assured investors of PEBEC’s commitment to supporting a stable, predictable and business-friendly environment, stressing that the ultimate objective should be a partnership that generates investment and strengthens local capacity.