Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

South Korea and Nigeria partnership, a symbiosis or parasitism

Benita OrumabyBenita Oruma
May 11, 2024
in Business & Finance
0
South Korea and Nigeria partnership, a symbiosis or parasitism
Share on FacebookShare on TwitterShare on Whatsapp

Nigeria, rich in human and natural resources, has long struggled with the issue of foreign dominance. Since the colonial era, various global powers have sought to exploit Nigeria’s resources under the guise of aiding its development. Despite claims of assistance in economic, security, or political matters, these nations often prioritize their own interests, extracting a significant portion of Nigeria’s wealth for their own gain. Foreign companies, ostensibly entering into partnerships for mutual development, have frequently exploited Nigeria’s land and resources to their advantage.

Given the history of exploitation by foreign entities, Nigeria approaches partnerships with foreign countries cautiously, particularly when the terms are unclear. Many of these partnerships have proven to be parasitic and exploitative, with the country seeking alliance often making promises without clearly defining its own terms or benefits from the arrangement.

In recent news, the new ambassador of South Korea to Nigeria proposed improved cooperation with Nigeria especially in the area of business and maritime. This partnership on the surface obviously looks to have some benefits for Nigeria especially now when Nigeria is undergoing economic reforms to boost their economy.

However, the partnership between Nigeria and South Korea presents a complex interplay of opportunities and exploitative tendencies, raising questions of if it is a symbiotic relationship benefiting both parties or a parasitic arrangement that disproportionately favors one over the other.

Nigeria and South Korea has distinct economic, cultural, and political landscapes, their recently improved collaboration spans across various sectors, including trade and business, culture, education and maritime security. However, beneath the surface of this partnership lie intricacies that warrant closer examination.

Too good to be true

Not to be pessimistic about the partnership, nor do I intend to discourage it, however upon closer evaluation of the partnership, I’ve identified potential areas where Nigerians could be exploited.

The partnership with South Korea primarily centers around two key areas. Firstly, it emphasizes business and maritime security to facilitate import and export activities. Secondly, it promotes people-to-people exchanges, fostering cultural and educational interaction between the two nations.

Business and Maritime Security: These are two distinct areas which was spoken of but I will be pairing them for this discourse. Nigeria is currently one of Korea’s top five trade partners, however, the ambassador hopes to improve trade relations between the countries. According to him, more can be done to enhance trade relations between Nigeria and South Korea, (consider this against the backdrop of countries always seeking their own benefit)

The bait– he mentioned that several Korean companies are interested in investing in the Nigerian market, he however noted that challenges such as double taxation, profit repatriation discourages these investors.

Then he mentioned that the upcoming Korea Africa Summit is a platform for the Nigerian government to share solutions on ground to assure Korean businesses of the improving environment in Nigeria.

Again not to be pessimistic but doesn’t this look like a booty trap waiting to happen?

Nigeria is at a point where they are seemingly desperate for investment and this is known globally, This vulnerability opens the door for both genuine investors and opportunistic exploiters to negotiate terms that may heavily favor their interests over Nigeria’s.

Maritime security– The envoy emphasised the need for a secured Golf of Guinea, noting that security in the Gulf of Guinea is crucial not only for Nigeria’s coastal communities but also countries such as Korea that traverse the region.

The bait- He proposed an expansion of Korea’s support to include the training of Nigeria’s military and security officers. Pankyu who spent years serving in the Korean military, said “I believe counter-terrorism courses and training programmes are useful for Nigerian officers,”

To conclude on the issue of maritime security, he mentioned that South Korea will donate patrol ships to Nigeria, which is scheduled to arrive in the country in a few months.

While the initiative to deploy patrol ships is commendable, a crucial question arises: who will operate these ships?

Maritime patrol serves not only security purposes but also aims to combat exploitation and illegal trade….

People to People Exchange: At first glance, promoting cultural exchange between Nigeria and South Korea seems like a positive initiative, potentially fostering mutual understanding and camaraderie.

The presence of South Koreans on Nigerian soil grants them access to our lands, resources, and influence over the populace. Given Nigeria’s susceptibility to foreign allure, particularly in underdeveloped regions where resources abound, there is a risk of perpetuating a dynamic akin to indirect colonialism and exploitation.

The adoration of foreigners by some Nigerians, often equated to seeing “God”, underscores the vulnerability of certain communities to external influences. This raises concerns about the potential for exploitation and the perpetuation of unequal power dynamics.

Considering all these factors, it is imperative that the government takes decisive action to ensure that its decisions prioritize the needs of the people over any sense of desperation for foreign alliances.

Tags: a symbiosis or parasitismBusinessfederal characterNigeriaSouth KoreaSouth Korea and Nigeria partnership
Benita Oruma

Benita Oruma

Benita Oruma is a lawyer in training, a 400 level student in the university of Ibadan. She is a content writer with interest in corporate affairs and the marketplace.

Related Posts

September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness
Business & Finance

September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness

September 21, 2025
September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness
Business & Finance

September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness

September 20, 2025
September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness
Business & Finance

September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness

September 19, 2025
Next Post
Lagos State Government To Erect 13 New Jetties

Lagos State Government To Erect 13 New Jetties

Dana Air lays off employees amid ongoing operational audit investigation

Dana Air lays off employees amid ongoing operational audit investigation

Gridlock Ahead: Lagos Roads Face Major Repairs, Drivers Brace for Months of Delays

Gridlock Ahead: Lagos Roads Face Major Repairs, Drivers Brace for Months of Delays

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Governor Fubara Establishes Judicial Commission of Inquiry into Rivers State Violence

Governor Fubara Establishes Judicial Commission of Inquiry into Rivers State Violence

12 months ago
Federal Government of Nigeria Announces $170m Loan from the French to Improve Power Supply

Federal Government of Nigeria Announces $170m Loan from the French to Improve Power Supply

3 years ago
Students Escape Death During Heavy Rain

Students Escape Death During Heavy Rain

1 year ago
Biafra Independence Leader Uwazuruike Breaks Silence: Distances Himself from Asari Dokubo and Demands Release of Nnamdi Kanu

Biafra Independence Leader Uwazuruike Breaks Silence: Distances Himself from Asari Dokubo and Demands Release of Nnamdi Kanu

2 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

UK Recognition of Palestine Exposes Cracks in Western Unity

Verstappen Cruises to Baku Win as Piastri Crashes Out

Palestine Wins Canada’s Backing as Ottawa Snubs Old Allies

Estonia Drags NATO Into the Fight Putin Keeps Begging For

Netanyahu Says Palestine Is a Threat, Not a State

Movie Review: ‘Unspoken Scars’ A Bold Story but Leaves Key Character Details Unanswered

Trending

Trump’s War on Immigrants Funded by Bribe Money?
Government

Trump’s War on Immigrants Funded by Bribe Money?

byEriki Joan Ugunushe
September 21, 2025
0

The Trump administration has built its comeback around a promise of mass deportations, tougher borders, and a...

Martinelli Strikes Late as Arsenal Hold Man City in Title Race Clash

Martinelli Strikes Late as Arsenal Hold Man City in Title Race Clash

September 21, 2025
The Unexpected Revelation Mide Made About Her Love Life On BBNaija S10

The Unexpected Revelation Mide Made About Her Love Life On BBNaija S10

September 21, 2025
UK Recognition of Palestine Exposes Cracks in Western Unity

UK Recognition of Palestine Exposes Cracks in Western Unity

September 21, 2025
Verstappen Cruises to Baku Win as Piastri Crashes Out

Verstappen Cruises to Baku Win as Piastri Crashes Out

September 21, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Trump’s War on Immigrants Funded by Bribe Money?
  • Martinelli Strikes Late as Arsenal Hold Man City in Title Race Clash
  • The Unexpected Revelation Mide Made About Her Love Life On BBNaija S10

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com