Nigeria must look beyond crude oil and invest in human capital, strong institutions and patience if it is to overcome its development challenges, the South Korean Ambassador to Nigeria, Ambassador Jeon Yo-An, has said.
He made the assertion while delivering a special lecture on Artificial Intelligence (AI), smart agriculture and the blue economy at the University of Uyo (UNIUYO) at the weekend.
The ambassador said Nigeria could draw lessons from South Korea, which he said transformed from a country devastated by war, poverty, hunger and malnutrition into an export-driven economy by investing in human resources, strong institutions and long-term development planning.
He recalled that after the Korean War in 1953, South Korea faced severe development challenges but eventually overcame them by thinking beyond its immediate circumstances and investing consistently in people and institutions.
According to him, South Korea has no basis for comparison with Nigeria in terms of natural resources, but said Nigeria had yet to fully harness its resources for socio-economic development.
He attributed South Korea’s transformation from poverty to prosperity to a three-pronged philosophy of diligence, self-help and cooperation, encapsulated in the country’s development movement known as “Saemaul Undong.”
The envoy said nationalism and patriotism had also accelerated South Korea’s transition from an import- and aid-dependent nation to a donor economy.
He urged Nigeria to prioritise its people as its greatest national resource, arguing that investing in education, skills and institutional capacity would help the country overcome its development challenges.
Jeon disclosed that South Korea had provided assistance to Nigeria in education, scholarships, agriculture and other sectors worth about $8 billion.
He said Nigeria could achieve significant development in the next 50 years if it effectively harnessed its young population and invested in people and institutions.
“The real resources are people, strong institutions and patience. The story of the next 50 years is yours to write, and South Korea will help you to write,” he said.
Also speaking, Akwa Ibom State Governor, Pastor Umo Eno, called for stronger economic cooperation between Nigeria and South Korea, urging the Asian country to consider Akwa Ibom a strategic destination for investment and technology transfer.
Eno, who was represented by the Deputy Governor, Senator Akon Eyakenyi, said the state’s economic potential, human capital and natural resources positioned it to contribute to the expansion of Nigeria’s economic relationship with South Korea.
He said the existing bilateral trade volume, estimated at more than $2.1 billion, could increase through greater participation by Akwa Ibom.
“Our State can benefit from the well-known South Korean technology, manufacturing prowess and first-rate products,” Eno said, urging the ambassador to consider investment opportunities in the state.
He described the lecture as timely, particularly as AI continues to transform the global economy, stressing the need to equip young Nigerians with the knowledge and skills required to compete in the digital economy.
The governor said the Youth Development Centres established across the state’s 31 local government areas were designed to provide young people with digital, entrepreneurial and vocational skills to promote innovation, job creation and economic empowerment.
On agriculture, Eno described the sector as a major pillar of his administration’s ARISE Agenda, citing model farms, incentives for farmers and the recently launched Tree Crop Revolution as efforts to improve food production.
He expressed confidence that the initiative would position Akwa Ibom as a major player in the oil palm value chain and eventually make the state a net exporter of palm oil.
Highlighting the state’s blue economy potential, Eno cited its approximately 129-kilometre coastline, rivers, other water bodies and proximity to the Atlantic Ocean as opportunities for investment.
