Buhari Seeks Expanded Trade Relations Beyond Gas Exports To South Korea

Posted by Rotimi Fadeyi Asia, Business News, Latest Headlines Wednesday, October 26th, 2022

(AFRICAN EXAMINER) – President Muhammadu Buhari on Wednesday in Seoul, expressed Nigeria’s desire to widen the scope of trade relations with the Republic of Korea beyond gas exports.

Speaking during a bilateral meeting with his Korean counterpart, Mr. Yoon Suk-Yeol at the Presidential Palace on the sidelines of the First World Bio Summit, Buhari called for expansion from the long-term gas contract to other areas.

On piracy in the Gulf of Guinea to which Korean ships had fallen victim, Buhari noted that the level of attacks had decreased considerably over the last one year due to the provision of equipment to the Nigerian Navy and Nigerian Maritime Administration and Safety Agency (NIMASA) by the Nigerian government, while also commending the Korean government for the supply of a vessel to the Navy.

In this respect, Buhari said he looked forward to enhanced defence and security cooperation with the Republic of Korea.

The President, who thanked his Korean counterpart for inviting him to address the World Bio Summit, also appreciated him for expressing sympathy with Nigerians on the flood disaster.

Earlier, Suk-Yeol had sympathized with Buhari over the massive havoc and human losses caused by flood in his country.

He described Nigeria as Africa’s largest economy and cultural powerhouse that produces huge number of films, expressing confidence that Nigeria’s economic and cultural capabilities would contribute significantly to exchanges and cooperation between both countries.

Both leaders also discussed the need for cooperation at the multilateral level, particularly at the United Nations with South Korea indicating interest to vie for a seat on the Security Council in 2024 and seeking Nigeria’s support.

The Korean leader also sought Nigeria’s support for her country’s plan to host the 2030 EXPO while the issue of peace on the Korean Peninsula, demilitarization and denuclearization of the region also featured in the bilateral talks.