Nigeria has been urged to draw lessons from its remarkable economic transformation while adapting them to the country’s own realities.
The South Korean Ambassador to Nigeria, Jeong Yo-an, made the call on Tuesday, at the Nigeria Economic Diplomacy Discourse (NEDD), organised by the Centre for the Study of the Economies of Africa (CSEA) in Abuja.
The discourse, held as Nigeria and South Korea marked 46 years of bilateral relations, brought together policymakers, diplomats, private-sector leaders, development partners, academics and researchers to examine how the longstanding relationship could be converted into stronger economic cooperation.
The theme was, “Korea-Nigeria Economic Partnership: Practical Frameworks for Trade, Investment and Fiscal Cooperation.”
Speaking on the topic, “Korea–Nigeria Economic Partnership: Shared Experience, Practical Cooperation,” Ambassador Jeong said Nigeria should not attempt to replicate South Korea’s development experience wholesale, but should identify lessons that could be adapted to its own economic, institutional and social circumstances.
“Our purpose is not to say, ‘Follow the Korean model.’ Nigeria has its own history, resources, population, institutions, and opportunities,” the ambassador said.
“The key word is not ‘copy,’ but ‘adapt’.”
The envoy pointed to South Korea’s transformation from post-war reconstruction to a major industrial and technological economy, noting the importance of investments in education, infrastructure, technology and productive capacity in the country’s development.
He said Nigeria could draw useful lessons from that experience while developing a pathway suited to its own circumstances.
The ambassador also stressed the need for both countries to move beyond diplomatic goodwill and broad policy discussions towards practical institutional arrangements capable of supporting investment, creating jobs and facilitating technology transfer.
According to him, the success of Nigeria–South Korea economic relations should ultimately be measured by tangible outcomes rather than the number of meetings or agreements signed.
He identified foreign exchange accessibility, customs procedures and regulatory predictability among the areas requiring practical attention if businesses from both countries are to make long-term investment decisions.
The ambassador also drew attention to the Double Taxation Avoidance Agreement between Nigeria and South Korea, signed in 2006 but still awaiting ratification.
He said the long delay in operationalising the agreement illustrated some of the institutional challenges that could discourage investors and argued that its ratification would send a positive signal to international businesses considering investment opportunities in Nigeria.
The CSEA Executive Director, Dr. Chukwuka Onyekwena, in his welcome address, said the dialogue was particularly important because of renewed interest in translating the Nigeria–South Korea relationship into “deeper and more productive economic cooperation.”
Onyekwena said the NEDD was established as a strategic platform for policymakers, business leaders, diplomatic representatives and experts to examine ways of strengthening Nigeria’s economic relationships with key international partners.
He said the Korea–Nigeria engagement was not merely an opportunity to celebrate the strength of the two countries’ diplomatic ties, but to examine how the relationship could produce concrete outcomes in trade, investment, industrial cooperation, technology transfer and fiscal cooperation.
“This is not simply an occasion to reflect on the strength of our diplomatic relationship,” Onyekwena said.
“It is an opportunity to examine how the relationship can produce concrete outcomes in trade, investment, industrial cooperation, technology transfer and fiscal cooperation, and how these can contribute to shared prosperity.”
The CSEA boss said South Korea’s development experience remained particularly relevant because of the country’s transition from post-war reconstruction to an industrial and technological economy.
However, he echoed the ambassador’s position that Nigeria’s objective should not be to reproduce the Korean experience exactly.
“Rather, Korea’s experience allows us to examine the role of deliberate policy choices, human-capital development, technological capability, infrastructure, industrial policy, investment and effective collaboration between the public and private sectors,” he said.
Onyekwena said Nigeria possessed significant advantages that could form the basis for a mutually beneficial economic partnership with South Korea, including its large domestic market, productive base, natural resources and human capital, as well as its strategic position within the wider African market.
He noted that South Korea, on the other hand, brought extensive experience in manufacturing, technology, infrastructure, innovation and integration into global value chains.
“There is considerable scope to explore complementarities between these strengths,” he said.
The CSEA executive director said the discussion was also coming at an important period for Nigeria as the country pursued economic reforms aimed at strengthening the foundations for investment, production and diversification.
He, however, cautioned that improving the business environment should not be viewed as an end in itself, stressing that businesses required predictability, efficient institutions, access to markets and appropriate fiscal and regulatory frameworks before committing to long-term investments.
Onyekwena also highlighted the pending Double Taxation Avoidance Agreement and other fiscal and legal frameworks that could facilitate increased investment and trade between Nigeria and South Korea.
He called for a shift from individual transactions to partnerships capable of building Nigeria’s productive capacity.
According to him, areas with potential for deeper cooperation include manufacturing, the digital economy, energy, healthcare, agriculture, maritime development, innovation, business process outsourcing, research collaboration and skills development.
He said cooperation in these areas could go beyond capital inflows to encompass technology, knowledge, skills, capabilities and access to wider value chains.
“But opportunities do not automatically become outcomes,” Onyekwena said.
Speaking after a presentation by Mr Yonggyu Kwon on “Korea’s Development Journey From Reconstruction to Industrial Powerhouse”, the CSEA Director of Research, Dr Adedeji Adeniran, drew similarities between Nigeria and South Korea, noting that Nigeria must develop its homegrown model and solutions as well as turn its challenges to advantages.
The event also featured the participation of the Director-General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zahrah Mustapha Audu, alongside representatives of government institutions, the private sector, development organisations and the academic community.
The discussions ultimately underscored the need for Nigeria and South Korea to deepen their 46-year relationship through practical economic partnerships capable of delivering investment, industrial growth, employment, technology transfer and skills development.
The second session was a panel anchored by the CSEA Director, Dr Onyekwena, which looked at how Nigeria could enhance its trade, investment and business climate.
For the participants, the central challenge now is to translate the goodwill surrounding Nigeria–South Korea relations into institutions, policies and partnerships that produce measurable economic outcomes.
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