By Milcah Tanimu

Former President of the Nigerian Association of Chambers of Commerce and Industry (NACCIMA), Chief John Udeagbala, has expressed optimism about Nigeria’s potential to tap into the opportunities presented by the upcoming Africa-Korea Business Summit.

Udeagbala, who will represent Nigeria at the summit, conveyed this sentiment in a statement issued on Monday in Abuja.

The 2023 Africa-Korea Business Summit, scheduled for Tuesday, carries the theme “Africa-Korean Partnership in an Era of Great Transformation.”

Udeagbala, who also serves as an ex-officio member of the Council of the International Chamber of Commerce (ICC), highlighted the significance of exploring how Korean entities can contribute to and collaborate in advancing deeper trade integration in Africa.

He emphasized that the summit is designed to foster a complementary partnership for the 21st century, leveraging Korea’s technological leadership across diverse sectors such as agriculture, mining, renewable energy, manufacturing, and digitization.

Furthermore, Udeagbala noted that the event would attract prominent figures and decision-makers from African and Korean policy circles, business sectors, and investment communities.

He pointed out that the Africa Continental Free Trade Area (AfCFTA) achieved significant ratification milestones in 2023, driven by unprecedented political momentum for enhanced regional integration. This momentum is aimed at positioning Africa as a global growth hub, representing a quarter of the world’s population and a $16.5 trillion market by 2050.

The summit will feature two moderated panel discussions and networking sessions to delve into the drivers and challenges of this formidable growth trajectory. It will also explore the risks and opportunities for Africa’s trade partners, with a specific focus on Korea.

The Africa-Korea Business Summit is being hosted by the Korean Chamber of Commerce and Industry and the Korea-Africa Foundation, in partnership with the Korean Ministry of Foreign Affairs. Distinguished speakers at the event include Wamkele Mene, Secretary-General of AfCFTA, Sim Tshabalala, CEO of Standard Bank, Choi Kyong-lim, Former Chair of the WTO Council for Trade in Goods, Seo Sang-hyeon, Senior Economist at POSCO Research Institute, and Sohn Jie-Ae, CNN Correspondent in Seoul, who will moderate one of the sessions.