South Korea and Nigeria
South Korea and Nigeria combine business ties with maritime security cooperation in the Gulf of Guinea. A deputy-ministerial visit in 2021 sought to improve conditions for Korean companies and coordinate responses to kidnappings and piracy.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
Choi Jong Kun visited Nigeria on 18 and 19 August 2021 and met officials responsible for foreign affairs, transport and defence.
What merchandise trade shows
In 2025, goods trade between South Korea and Nigeria totalled 1,097.2 million current USD.
Documented trade sectors
Within the selected chapters, machinery and mechanical appliances stands out in shipments from South Korea to Nigeria, at 28.7 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 1,097.25 M USD | 2025 · Comtrade |
| Goods: South Korea to Nigeria | 531.77 M USD | 2025 · Comtrade |
| Goods: Nigeria to South Korea | 565.48 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: South Korea to Nigeria | 0.075 % | 2025 · Comtrade |
| Export share: Nigeria to South Korea | ||
| Investment stock: South Korea in Nigeria | ||
| Investment stock: Nigeria in South Korea |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter KOR. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: South Korea to Nigeria
- 2025 · UN Comtrade · Goods; full calendar year; reporter KOR. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Nigeria to South Korea
- 2025 · UN Comtrade · Goods; full calendar year; reporter KOR. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: South Korea to Nigeria
- 2025 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | South Korea | Nigeria |
|---|---|---|
| Nominal GDP | 1.87 trillion USD2025 · WB | 290.79 billion USD2025 · World Bank |
| GDP per capita | 36,226.97 USD2025 · WB | 1,224.25 USD2025 · World Bank |
| GDP growth | 1.01 %2025 · WB | 4.01 %2025 · World Bank |
| Policy interest rate | 3 %2026-08-27 · Bank of Korea | |
| Inflation · annual average | 2.12 %Annual average · 2025 · WB | 23.01 %Annual average · 2025 · World Bank |
| Inflation · latest year-on-year figure | 2.9 %Headline CPI · 2026-09 · year-on-year · Ministry of Data and Statistics | |
| Unemployment | 2.68 %ILO est.2025 · WB | 3.06 %ILO est.2025 · World Bank |
| Budget balance (% of GDP) | -1.4 %IMF est.2025 · IMF | -1.8 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 52.3 %IMF est.2025 · IMF | 35.5 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 6.57 %2025 · WB | 4.83 %2025 · World Bank |
| Population | 51,684,5642025 · WB | 237,527,7822025 · World Bank |
| Area | 100,450 km²2023 · WB | 923,770 km²2023 · World Bank |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDSouth Korea: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Nigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- GDP per capita
- Current USD per personSouth Korea: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Nigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- GDP growth
- Annual real change (%)South Korea: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Nigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- Policy interest rate
- Central bank instrument (%)South Korea: 2026-08-27 · Base Rate · Bank of Korea · Official central-bank decision; not a commercial lending rate or a bill yield.
- Inflation · annual average
- Average annual change in headline CPI (%)South Korea: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Nigeria: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series; observation period, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedSouth Korea: 2026-09 · National headline CPI, change from the same month of the previous year · Ministry of Data and Statistics · Published: 2026-10-02 · Official monthly data. Not mixed with the annual average. · Alternative official source; verified 2026-10-07
- Unemployment
- % of the labour force; definition used by the stated institutionSouth Korea: 2025 · ILO modelled estimate, % of the labour force · World Bank · ILO est. · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Nigeria: 2025 · ILO modelled estimate, percentage of the labour force · World Bank · ILO est. · Official World Bank series; observation period, not download date.
- Budget balance
- General government (% of GDP)South Korea: 2025 · IMF · IMF est. · IMF WEO estimate, not a monthly observation. Retains the country's fiscal year where it differs from the calendar year.Nigeria: 2025 · IMF · IMF est. · IMF WEO general-government estimate. Retains the source’s fiscal year when it differs from the calendar year.
- Gross public debt
- General government (% of GDP)South Korea: 2025 · IMF · IMF est. · IMF WEO estimate, not a monthly observation. Retains the country's fiscal year where it differs from the calendar year.Nigeria: 2025 · IMF · IMF est. · IMF WEO general-government estimate. Retains the source’s fiscal year when it differs from the calendar year.
- Current account balance
- % of GDPSouth Korea: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Nigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- Population
- PeopleSouth Korea: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Nigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- Area
- Total area in km²; territorial coverage of the sourceSouth Korea: 2023 · World Bank / FAO · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Nigeria: 2023 · World Bank · Official World Bank series; observation period, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
South Korea to Nigeria
| Product or sector | Value / share |
|---|---|
| Machinery and mechanical appliances | 28.7 M USD2025 · Source |
| Vehicles and components | 25.4 M USD2025 · Source |
| Electrical and electronic equipment | 16.1 M USD2025 · Source |
| Pharmaceutical products | 11.4 M USD2025 · Source |
| Mineral fuels and oils | 4.8 M USD2025 · Source |
Nigeria to South Korea
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 479.4 M USD2025 · Source |
| Electrical and electronic equipment | 1.3 M USD2025 · Source |
| Machinery and mechanical appliances | 0.037 M USD2025 · Source |
| Vehicles and components | 0.000126 M USD2025 · Source |
| Pharmaceutical products | 0.000073 M USD2025 · Source |
| Dairy products, eggs and honey | 0.000026 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | South Korea to Nigeria | Nigeria to South Korea |
|---|---|---|---|
| 2021 | 1,937.5 | 963 | 974.5 |
| 2022 | 2,677.8 | 886.8 | 1,791 |
| 2023 | 1,630.7 | 603 | 1,027.7 |
| 2024 | 2,260.7 | 648.9 | 1,611.9 |
| 2025 | 1,097.2 | 531.8 | 565.5 |
Connections between people
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from South Korea living in Nigeria | ||
| Residents from Nigeria living in South Korea | ||
| Study and training: South Korea in Nigeria | ||
| Study and training: Nigeria in South Korea | ||
| Academic stays: South Korea in Nigeria | ||
| Academic stays: Nigeria in South Korea | ||
| Travel: South Korea to Nigeria | ||
| Travel: Nigeria to South Korea |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The scale of both economies
Nominal GDP for South Korea is 1,872.4 billion USD (2025), compared with 290.8 for Nigeria (2025). The reference populations are 51.68 and 237.53 million, respectively. In the same year, the economy of South Korea was 6.44 times that of Nigeria in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6] [7] [8]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
Choi Jong Kun visited Nigeria on 18 and 19 August 2021 and met officials responsible for foreign affairs, transport and defence. It was the first visit by a Korean deputy foreign minister to the country, according to the statement. [1]
Cooperation and bilateral issues
The interlocutors discussed Korean companies' difficulties and pending double taxation and investment protection agreements; they did not present them as concluded. The maritime agenda addressed Nigeria's Deep Blue project and the division of responsibilities: Defence for ocean waters and Transport, through NIMASA, for inland and coastal waters. Both noted that piracy required international collaboration. They proposed holding the sixth joint commission in Seoul to follow up on the matters discussed, alongside increased high-level contacts. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (South Korea and Nigeria) totalled 1,097.2 million current USD. Shipments from the first to the second were 531.8 million; those in the opposite direction, 565.5 million. The difference between the two flows was 33.7 million, in favour of Nigeria. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from South Korea to the partner represented 0.075% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 1,937.5 million USD in 2021 and 1,097.2 million in 2025. The change between the two endpoints was -43.4 % in current dollars. The highest annual value in the period was recorded in 2022, at 2,677.8 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, machinery and mechanical appliances stands out in shipments from South Korea to Nigeria, at 28.7 million USD in 2025. Within the selected chapters, mineral fuels and oils stands out in shipments from Nigeria to South Korea, at 479.4 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — KOR-NGA
www.mofa.go.kr · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- NY.GDP.MKTP.CD; 2023–2025; country and period preserved; no military series
World Bank · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; country ISO and year preserved; no military data; exact requested country subset independently re-fetched and values compared
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; 2023–2025; country and period preserved; no military series
World Bank · Institutional source · Accessed: 2026-10-07
- SP.POP.TOTL; country ISO and year preserved; no military data; exact requested country subset independently re-fetched and values compared
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.