The Federal Government and South Korea have signalled a shift towards a new development cooperation model anchored on trade, investment, knowledge transfer and institutional strengthening, amid declining global aid flows.
The position was made known during a joint seminar organised by the Nigerian Institute of International Affairs and the Embassy of the Republic of Korea, where officials identified shrinking international assistance as a major factor driving the new approach.
Speaking at the forum, South Korea’s Chargé d’Affaires, Tak Namgung, disclosed that global Official Development Assistance fell to about $174 billion in 2025, representing a 23 per cent decline and the sharpest drop recorded in recent years.
He added that bilateral aid to Sub-Saharan Africa is expected to contract further by as much as 28 per cent as major donor nations continue to cut spending.
According to him, the traditional donor-recipient model of development cooperation is no longer sustainable under present global economic realities.
“Meaningful cooperation must now be built on shared knowledge, strong institutions and mutual accountability,” Namgung stated.
He pointed to South Korea’s own development experience, noting that the Asian nation placed premium emphasis on building resilient systems, particularly in digital governance and institutional efficiency.
The envoy, however, acknowledged that rapid economic expansion in the early years came with sacrifices, especially in areas of democratic governance and human rights.
“Economic growth and respect for human rights should not be pursued separately,” he said, warning that any imbalance between both could threaten long-term national stability.
Critical minerals boost Nigeria-Korea ties
The renewed partnership push comes as both countries explore stronger economic relations, especially in the critical minerals sector.
South Korea currently imports more than 95 per cent of its critical mineral requirements, while Nigeria is endowed with sizeable deposits of lithium, graphite and other strategic minerals required for electric vehicles and clean energy technologies.
Namgung stressed that fully harnessing the opportunities would require far more than raw material extraction.
“Sustainable industrial development depends on transparency, trust and strong institutions,” he added.
South Korean firms such as Daewoo Engineering & Construction have maintained a presence in Nigeria’s infrastructure space over the years.
Technology giants including Samsung Electronics and LG Corporation are also active in Nigeria, contributing to industrial development, technology transfer and workforce capacity building.
Through the Korea International Cooperation Agency, Seoul has equally supported Nigeria’s e-governance programmes, reflecting a broader strategy of institutional support as traditional aid flows continue to decline.
Analysts say the evolving Nigeria-Korea relationship signals a broader trend in global development finance, where investment, trade and technical cooperation are gradually replacing direct aid assistance.
