Oil propels Nigeria-Korea trade to $2.5bn

8 December 2011, Sweetcrude, ABUJA – The Republic of Korea and Nigeria trade volume has hit $2.5 billion, with oil contributing appreciably to the development, according to Jong-hyun Choi, the Korean Ambassador to Nigeria.

Choi said in Abuja that trade between the two countries has jumped by about 75 percent from $1.5 billion in 2010.

“Our trade relation with Nigeria is such a lucrative one that kept increasing. In 2010 for instance, the volume of trade between the two countries was $1.5 billion which to our utmost surprise skyrocketed to $2.5 billion,” he said.

According to him, of the $1.5 billion trade volume of last year, Nigeria exported oil products worth of $3 million to Korea while in 2011, Korea exports to Nigeria is put at over $850 million, with Nigeria having over $450 billion worth of export to Korea.

Choi also disclosed Korea’s interest in playing in Nigeria’s power sector, the oil and gas industry, the manufacturing sector as well as in infrastructure development.

He said what they are expecting is the conducive business environment where business can flourish.

“Our economy is 100 percent dependent on exportation of energy and we are ready to explore the Nigeria market in that area if the environment permits,” Choi said.

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