South Korea: Aid Alone Not Enough to Sustain Meaningful Partnership, Calls for Trade, Investments 

Dike Onwuamaeze 

The Chargé d’Affaires of the Embassy of the Republic of (South) Korea in Nigeria, Mr. Tak Namgung, has declared that “aid alone is no longer enough to sustain meaningful partnerships” between developed and developing nations. 

Namgung made this declaration last weekend in Lagos at a joint seminar of the Nigerian Institute of International Affairs (NIIA) and Korean Embassy on “Engaging Africa in the Face of Dwindling Foreign Aid and Assistance.”

He stated that “the old model where one side gives and the other receives is reaching its limits.”

He further disclosed that in 2025, aids fell globally to about $174 billion, representing a 23 per cent drop, the sharpest decline in recent history, adding that bilateral aid for Sub-Saharan Africa, is expected to fall by as much as 28 per cent.

Namgung said: “So I want to be clear from the start. I won’t be able to stand here and promise more money this time. That would not be honest, and it would not reflect the reality we are facing.

“Instead, we need to recognize a simple shift. Aid alone is no longer enough to sustain meaningful partnerships. 

“The old model—where one side gives and the other receives—is reaching its limits.

“What we need now is a different approach. A new way of working together based on shared knowledge, strong institutions, and genuine partnership.”

He said Korea’s perspective is to focus on building systems and institutions that could stand on their own, including digital governance.

Namgung emphasised that economic strength and respect for people’s rights cannot be treated as separate goals because in the long run, they depend on each other. 

According to him, “growth without accountability creates instability. And rights without economic foundations are difficult to sustain.

“So, the challenge is not to choose one over the other, but to move both forward together.

“Developed countries need to recognise the real constraints that developing countries face. 

“At the same time, developing countries continue to strengthen governance and accountability, even under difficult conditions. Sustainable development depends on both.”

He said that this principle is concrete in the economic cooperation between Korea and Nigeria.

He noted that Korea is a manufacturing powerhouse but rely on imports for more than 95 per cent of its critical minerals while Nigeria, on the other hand, holds vast reserves of lithium, graphite, and other key resources that are essential for industries like electric vehicles and clean energy.

“At first glance, this looks like a simple match. But on top of it, our goal is to create value together, and to do so in a way that strengthens both economic capacity and institutional quality.

“It is because sustainable industry requires more than resources. It requires trust, transparency, and systems that ensure fairness. There are already examples of this approach,” Namgung said.

He added that Korea wants to see Nigerian businesses connected to global supply chains and to support industrial development that creates jobs locally, not just exports raw materials. 

“And we want to do this in a way that reinforces good governance and long-term stability. 

“That is what a sustainable economic partnership looks like—especially in a time when traditional aid is declining.

“Our approach is straightforward. We do not try to impose democracy from the outside. Instead, we support the tools and systems that allow it to grow from within,” he said. 

Namgung said that apart from the impact Korean multinational companies like Daewoo, Samsung, LG, etc. the Korean government is making long term investments in promoting secured and stable business environment, especially in the Gulf of Guinea.

He said that economic growth could not take root without security and stability, adding that “without security, democratic institutions cannot function effectively.”

He emphasised that “the Gulf of Guinea is a critical maritime route—not only for the region, but also for global trade, including Korea’s. 

“In 2025, Korea contributed $3 million to a maritime security project with the International Maritime Organisation. 

“We also transferred a patrol vessel—now operating as NNS IKOGOSI—to the Nigerian Navy.

Most importantly, they are long-term investments in stability. Investments that support both economic activity and institutional strength.

“So, when we talk about a ‘new grammar’ of partnership, this is what we mean. 

“Moving beyond aid as the main instrument and focusing instead on systems, capacity, and shared responsibility.”

In his welcome address, the Director General of NIIA, Professor Eghosa Osaghae, said that Nigeria could partner with South Korea on trade and investment but not on aids.

Osaghae said that the Korea could replicate in Nigeria what it has done on the ICT sector in Rwanda l.

He said: “They may not give us aids. And we are no longer interested in aids that may not have concrete deliverables.”

Speaking in the same vein, the chairman of the seminar, Professor Femi Otubanjo, said that the focus should be on stoppage of illicit financial flow from Africa than on receiving aids from donor countries.

Otubanjo said: “If you are bleeding $80 billion yearly in stolen money you do not need to start begging for aids.

“Why not set up a process for reducing the flow? Basically, we are bleeding more than we are receiving. 

“It should not be and that is the point I am making.”