South Korea's Ambassador Urges Nigeria to Ratify Tax Agreement

South Korea has identified Nigeria's failure to ratify a bilateral tax agreement signed in 2006 as a significant barrier to enhancing their $1.1 billion trade relationship. Korean Ambassador to Nigeria, Jeong Yo-an, emphasized the need for Nigeria to resolve this issue to attract more Korean investment.

The double taxation agreement, which aims to prevent double taxation on income for individuals and companies operating between the two countries, was ratified by South Korea in 2007 but has remained unresolved in Nigeria due to a lack of presidential assent following legislative approval in 2019. Jeong expressed concern over the delay, especially as both nations seek to expand commercial relations.

He called for a shift in the economic relationship, advocating for local assembly, manufacturing partnerships, and agricultural machinery production, moving beyond Nigeria's current role of supplying oil and gas in exchange for South Korean finished products.