The Government of South Korea has pledged a total of $24 billion in development and trade assistance for the benefit of African nations including Nigeria. 

The 10 billion dollars was earmarked for development projects across Africa while the 14 billion dollars is to boost the activities of Korean companies’ operations in Africa thereby facilitating trade and investment in the respective host countries in Africa. 

This was captured in a Joint Declaration from the 2024 Korea-Africa Summit held in Seoul, Korea, and published on the Korean government

About 48 African countries were represented at the summit including Nigeria’s Foreign Minister, Yusuf Tuggar, to boost economic ties with Korea. 

The joint statement involved the Heads of State and Government and Heads of Delegation of African countries; the President of the Republic of Korea; the representatives of the African Union and its institutions and the representative of the African Development Bank (AfDB). 

Korea’s Pledge to Africa 

South Korean President Yoon Suk Yeol said that his country’s role in Africa will set an example for a stable supply chain through mutually beneficial cooperation and contribute to the sustainable development of mineral resources around the world   

“To facilitate cooperation discussed at this Summit, Korea will continue to expand Official Development Assistance (ODA) up to 10 billion US dollars by 2030 as a catalyst for projects for cooperation with Africa, including through the expansion of EDCF Framework Arrangement(F/A) and grants. 

“ Moreover, approximately 14 billion US dollars in export financing will be provided to Korean companies by 2030 to encourage their activities in Africa, thus stimulating trade and investment with Africa,” Yeol said in the joint statement.