The Republic of Korea said it has exported goods worth over $800m between January and third quarter of this year to Nigeria.
It also imported goods worth over $2bn from Nigeria.
The Commercial Attache of the country in Nigeria, Mr. Bohyun Pyun, made this revelations in his address during a courtesy visit to the Ibadan Chamber of Commerce and Industry (ICCI).
He said despite the fact that the trade balance was in favour of Nigeria, his office which is also known as Korea Business Center (KBC), will continue to play pivotal role in expand trade relationship between the two countries.
According to him, many Korean companies are eager to explore and find trading and joint venture partners in various business line, stating that the country has been in Nigeria since 1966, long before diplomatic relationship was established in 1980.
While maintaining that the chamber is better positioned as a business partner, he said it can do this by collaborating with Korean investors in the mining and agricultural produce because of the huge solid mineral deposits in the state.
The President of the chamber, Prince Abimbola Makanjuola, said business opportunities abound in Ibadan and with the ongoing rehabilitation of Ibadan-Lagos expressway many factories will begin to relocate to the city.