From left: Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, in an elbow bump with the Consul General, Embassy of the Republic of Korea in Nigeria, Kim In-Taek, shortly after a meeting in Lagos.

Nigeria and South Korea have agreed to deepen their trade relations, especially in the area of shipping development.

Both countries have over the years maintained good maritime and trade relations since the 1980s. However, both countries believe there was need to further expand the relationship in line with global economic dynamics. 

Korea is currently a leading shipbuilder in the world, accounting for nearly 40 per cent of total global ship orders.

This was one of the resolutions reached at a meeting between the Director-General of the Nigerian Maritime Administration and Safety Agency NIMASA, Dr. Bashir Jamoh, and Consul General, Embassy of the Republic of Korea in Nigeria, Kim In-Taek.

The NIMASA Director-General told newsmen in Lagos shortly after the meeting with the South Korean envoy that development of Nigeria’s maritime potential was a critical element of President Muhammadu Buhari’s economic diversification agenda. He said the Republic of Korea was an important partner in the effort to harness the enormous treasures of Nigeria’s marine environment.      

Jamoh stated, “There is a great deal of interest in harnessing Nigeria’s rich maritime resources and potential as new sources of government revenue under the current Federal Government’s economic diversification drive. We see South Korea as very important here.

“The relationship between the two countries dates back to the 1980s. We have been together on trade, power, and energy. And in the meeting I had with In-Taek, we discussed possible areas of cooperation in terms of ship repairs and ship recycling and we agreed that we will continue to improve on trade cooperation.

 “To consolidate on the already existing relationship and increase our trade and maritime cooperation, especially in the areas of shipbuilding, ship repairs, and ship recycling, among other aspects of shipping development, there needs to be more efforts from both countries. “Interestingly, we agreed on the need to improve cooperation in these areas.”

The NIMASA-boss also reiterated that shipping development was part of his administration’s three-point agenda, which also includes maritime safety and security.

Meanwhile, In-Taek, in his own remarks, described NIMASA as a very important organisation, saying Korea was willing to develop a good relationship with Nigeria’s maritime sector.

He said, “Nigeria has the potential because it is a leading country, not only in the shipping area, but also in other businesses in Africa. Nigeria has a big economy, with the population as an added advantage in the African continent, hence, the Koreans can do business with Nigeria successfully.” 

In-Taek, who is at the verge of completing his two-year tenure in Nigeria, thanked the Korean authorities for giving him the opportunity to serve in Nigeria. He called on the NIMASA Director-General to extend the cooperation accorded him to his successor.