The almost 40-year-old diplomatic ties between Nigeria and South Korea have evidently been mutually rewarding to the two countries with each one of them currently counting its gains since the formalisation of the relationship in 1980; both countries have demonstrated enough commitment towards the improvement of all its basic components as a result of which there is now a strong collaboration between them in the vital areas of commerce, tourism, sports, etc.
By 2017, for example, the volume of trade between Nigeria and South Korea reached several billions of American dollars which is, by all standard, quite significant. The details of the trade ties between the two countries have shown that by the year under reference, South Korea supplied construction materials to Nigeria worth billions of dollars.
Moreover, South Korea’s firms successful built Liquefied Natural Gas (LNG) plants and also provided facilities for the transportation and storage of crude oil in Nigeria. Such a deep involvement of South Korea in Nigeria’s economic development is clear evidence of the robust relationship between the two countries.
It is important to recall that South Korea’s President Mr. Roh Moo-Hyun and his wife visited Nigeria on March 6, 2006; a gesture that was properly reciprocated by President Olusegun Obasanjo eight months later. The visits to each other’s country by the two leaders perfectly served as opportunity for them to strengthen the economic ties between Nigeria and South Korea. When, for example, he visited South Korea, President Obasanjo presided over the signing of agreements on double taxation and shipping.
One other bilateral issue between the two countries is the Income and Capital Tax Treaty which took effect on March 21, 2005. The treaty covers personal income tax, company income tax, petroleum profit tax, capital gains tax and education tax, all of which are clearly meant to boost revenue generation for Nigeria and South Korea.
Another significant agreement, Double Taxation Avoidance Agreement, will also take effect soon, boosting economic investment and cooperation between the two countries.
Another fundamental and therefore noteworthy indication of concern that the two countries have for each other is the expression of commitment by South Korea’s Ambassador to Nigeria Lee In Tae on behalf of his country, to assist Nigeria in the implementation of the Economic Recovery and Growth plan of the present administration of President Muhammadu Buhari. Recently, the ambassador who lauded the objectives of the plan which include sustained diversification of the national economic and inclusiveness in order to do away with the prevailing economic crisis also pledged assistance to all those state governments currently making efforts to attract investors from his country.
What is perhaps particularly encouraging is the several engagements between the Nigerian intellectuals and their South Korean counterparts in a bid to strengthen economic cooperation. It can be strongly stated that such engagements have tremendously helped in identifying the potential of the two countries which can always be harnessed and utilised for the benefits of both them.
Furthermore, the relationship between the two countries is getting closer and stronger with South Korea steadily assisting in capacity building of Nigeria in many areas. South Korea built the Nigeria-Korea Friendship Institute of Vocational and Advanced Technology in Lokoja, Kogi state, during 2010-2015 and continues to provide quality education, so that Nigerian youth can find better jobs. South Korea also completed building the Nigeria-Korea Model School Complex in Abuja during 2013-2019, thus offering modern education to primary and junior secondary school students in Nigeria. In addition, South Korea is ardently assisting in e-government capacity building of Nigeria. South Korea also signed MoU with Nigeria in July this year on strengthening the capacity of the Nigeria Police Force in Forensic Training, in order to help the Nigeria Police enhance its capability to cope with insecurity and various crimes.
Even in the area of sports, the two countries engaged with each other and sorted themselves out. During the last FIFA Women’s World Cup, Nigeria’s Super Falcons had a match with South Korea’s Taeguk Ladies, which ended 2-0 in favour of the former.
On the whole, it is evident that diplomatic ties between these two great countries have been fruitful to them. It is by extension, a manifestation of the healthy friendship between Africa and Asia; Nigerian people root for the enduring peace on the Korean Peninsula and support the exemplary economic development and promotion of free trade by South Korea. The two giant countries will play an important role in the attainment of peace and development in the world.
Gimi writes from Kaduna
