The Embassy of the Republic of Korea in Nigeria has outlined a major shift in its engagement with Nigeria, signalling a move away from traditional aid towards a partnership model anchored on shared responsibility, capacity, institutional development and economic cooperation.
This was disclosed at a joint seminar on ‘Engaging Africa in Dwindling Foreign Aid and Assistance,’ organised by the Nigerian Institute of International Affairs (NIIA) in partnership with the Embassy of Korea in Lagos.
Chargé d’Affaires, Republic of Korea, Mr Tak Namgung, said declining global aid flows have made it necessary to rethink how countries collaborate.
‎He disclosed that global Official Development Assistance (ODA) fell to about $174 billion in 2025, representing a 23 per cent drop, the sharpest decline in recent history. According to him, bilateral aid to Sub-Saharan Africa is projected to fall by as much as 28 per cent, with all major donors, including Korea, cutting their aid budgets.
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Namgung argued that the traditional donor-recipient model is no longer sustainable, noting that meaningful cooperation must now be built on shared knowledge, strong institutions, and mutual accountability.
Drawing from Korea’s development experience, he said the country prioritised building resilient systems, including digital governance structures, but acknowledged that its rapid economic growth came with trade-offs in the early stages, particularly around democracy and human rights.
He emphasised that economic growth and respect for human rights should not be pursued separately, warning that growth without accountability breeds instability, while rights without economic foundations are difficult to sustain.
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On Nigeria-Korea relations, the envoy highlighted opportunities for deeper economic collaboration, particularly around critical minerals. While Korea depends heavily on imports for over 95 per cent of its critical minerals, Nigeria holds vast reserves of lithium, graphite and other resources essential for industries such as electric vehicles and clean energy.
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However, he stressed that sustainable industrial development requires more than resource extraction, pointing to the need for transparency, trust and institutional strength.
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Korean firms, including Daewoo E&C, have played longstanding roles in Nigeria’s infrastructure development, he noted, adding that companies such as Samsung and LG are also contributing to industrial growth and skills development. ‎Namgung further disclosed that Korea, through its development agency KOICA, has supported Nigeria’s e-governance initiatives.