The Embassy of the Republic of Korea in Nigeria has announced a significant shift in its engagement with Nigeria, moving away from traditional aid toward a partnership model centered on shared responsibility, capacity building, institutional development, and economic cooperation.
This was revealed during a joint seminar titled 'Engaging Africa in Dwindling Foreign Aid and Assistance,' organized by the Nigerian Institute of International Affairs (NIIA) in collaboration with the Korean Embassy in Lagos.
Mr. Tak Namgung, Chargé d’Affaires of the Republic of Korea, stated that declining global aid flows have necessitated a rethinking of international collaboration. He disclosed that global Official Development Assistance (ODA) fell to approximately $174 billion in 2025, a 23% drop—the steepest decline in recent history. Bilateral aid to Sub-Saharan Africa is projected to decline by as much as 28%, with all major donors, including Korea, cutting their aid budgets.
Namgung argued that the traditional donor-recipient model is no longer sustainable. Meaningful cooperation must now be built on shared knowledge, strong institutions, and mutual accountability. Drawing from Korea’s own development experience, he noted that the country prioritized building resilient systems, including digital governance structures, but acknowledged that rapid economic growth came with trade-offs in the early stages, particularly concerning democracy and human rights.
He emphasized 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.
Regarding Nigeria-Korea relations, the envoy highlighted opportunities for deeper economic collaboration, especially in critical minerals. Korea depends on imports for over 95% of its critical minerals, while Nigeria holds vast reserves of lithium, graphite, and other resources essential for industries like electric vehicles and clean energy.
However, he stressed that sustainable industrial development requires more than resource extraction, pointing to the need for transparency, trust, and institutional strength.
Korean firms, including Daewoo E&C, have played longstanding roles in Nigeria’s infrastructure development. 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.
