South Korea has announced a significant pledge of $24 billion in development and trade assistance to benefit African nations, including Nigeria. This substantial commitment was unveiled at the 2024 Korea-Africa Summit held in Seoul, with details published on the Korean government website.
Of the total pledge, $10 billion will be allocated to development projects across the African continent. Meanwhile, $14 billion will be dedicated to supporting Korean companies operating in Africa, thereby enhancing trade and investment in the host countries.
The summit saw the participation of representatives from 48 African countries, including Nigeria’s Foreign Minister, Yusuf Tuggar, who attended to strengthen economic ties with South Korea. The joint declaration was endorsed by the Heads of State and Government, Heads of Delegation from African nations, the President of South Korea, representatives from the African Union, and the African Development Bank (AfDB).
South Korean President Yoon Suk Yeol emphasized his country’s commitment to setting a global example for stable supply chains through mutually beneficial cooperation. He highlighted that this partnership would contribute to the sustainable development of mineral resources worldwide.
“To facilitate the cooperation discussed at this Summit, Korea will continue to expand Official Development Assistance (ODA) up to $10 billion by 2030 as a catalyst for cooperative projects with Africa, including through the expansion of the EDCF Framework Arrangement and grants,” President Yoon stated. “Additionally, approximately $14 billion in export financing will be provided to Korean companies by 2030 to encourage their activities in Africa, thereby stimulating trade and investment,” he added.
Furthermore, South Korea expressed its support for African nations’ aspirations to become permanent members of the UN Security Council.
In conjunction with Korea’s pledge, summit stakeholders agreed to launch the Korea-Africa Critical Minerals Dialogue. This dialogue aims to establish an institutional foundation to enhance cooperation in securing a stable supply of critical minerals and promote technological collaboration on mutually agreed terms.
“We recognize the importance of identifying opportunities for Korean companies to invest in Africa and add value to the development of critical mineral resources. This collaboration aims to create job opportunities and revitalize local economies,” the joint statement read.
African representatives reaffirmed their solidarity with Korea, emphasizing that sustainable peace and stability are essential for achieving the African Union’s vision of an integrated, prosperous, and peaceful Africa.
The Korea-Africa Summit marks a significant step towards deepening economic and development ties, promising a future of shared growth and prosperity for both regions.
