Nigeria-Korea Trade Increases by 55% in Q3 2024, As LG Electronics Celebrates Global Top 100 Brand

Oluchi Chibuzor

The South Korean Ambassador to Nigeria, Mr. Kim Pan-kyu, has revealed that the Nigeria-Korea trade relations increased by 55 percent in the third quarter of 2024, with exports from Nigeria to Korea rising by 91 percent.

This is coming as LG Electronics is celebrating making top 100 brands globally with the Envoy raising hopes between Nigeria and Korea through Korea companies in the Nigerian market.

Ambassador Pan-kyu stated this at the 2024 Korea National Day reception recently, in commemoration of Korea’s independence in 1919.
According to him, “Relations with Nigeria would be one of its most vibrant economic partnerships in the near future. Nigeria-Korea trade relations increased by 55 percent in the third quarter of 2024, with exports from Nigeria to Korea rising by 91 percent.

“With the Korean government’s commitment to increase its Official Development Assistance (ODA) funding to $10bn by 2030, as well as provide $14bn to Africa-based Korean companies by 2030, this would catalyse projects for cooperation with Africa, especially Nigeria.”
However, speaking on the sidelines of the Korean National Day, the Public Relations Manager of LG Electronics in Nigeria, Mr. Moses Osime, said LG brings the best of the Korean high-tech creations to improve the life of the Nigerian people.

Underscoring LG’s commitment to sustainability and user-centric design, Osime said the with the national celebration, “we are stressing our vision as a flagship leader in this industry, showing our utmost goodwill to work and strengthen ties between our brand and the local communities, through presenting world-class technologies that transform lives in a positive way.

“LG Electronics (LG) has made significant strides in the global market with its innovative brand strategies, earning its place as a top global brand.”

At the event, LG showcased their innovative contributions in electronic technology among were the InstaView Refrigerator, and the OLED TV, both designed to enhance everyday living with cutting-edge features.

Pan-kyu, highlighted the tech novelties Korean brands bring to the Nigerian people while allowing guests the opportunity to see the latest LG innovations.

“Since Nigeria is a leading economy and the biggest market in Africa, I believe the partnership between Korea and Nigeria will be one of the most vibrant ones in the years to come as you can see with Korean companies in the country,” Pan-kyu said.