Nigeria, Korea agree to expand cooperation in trade, shipping development
 Posted Date : 2020-09-07

Nigeria and Korea have agreed to intensify and expand collaboration in bilateral trade and shipping development in line with global economic dynamics.

According to a statement by Philip Kyanet, head, Corporate Communications of NIMASA, Jamoh said that development of Nigeria’s maritime potential was a critical element of President Muhammadu Buhari’s economic diversification agenda.

Jamoh, who stated that the Republic of Korea was an important partner in the effort to harness the enormous treasures of Nigeria’s maritime environment, said there is a great deal of interest in harnessing the sources and potential as new sources of government revenue under the Nigerian government’s economic diversification drive.

“The relationship of the two countries dates back to the 1980s.  We have been together on trade, power and energy. And in the meeting I had with In-Taek, we discussed possible areas of cooperation in terms of ship repairs and ship recycling and we agreed that we will continue to improve on trade cooperation”, Jamoh said.

He reiterated that shipping development was part of his administration’s three point agenda, which also includes maritime safety and maritime security.

“Nigeria has the potential because it is a leading country, not only in the shipping area, but also in other businesses in Africa.  Nigeria is a big economy, with the population as an added advantage in the continent, hence, the Koreans can do business with Nigeria successfully”, he said.

Korea is a leading shipbuilder in the world, accounting for nearly 40% of global ship orders.



 Business Day, 4 September, 2020