Nigeria: Japan aims to enhance trade ties with Nigeria

The Japanese government plans to boost trade with Nigeria, citing untapped opportunities and areas for exploration in bilateral trade.

The Managing Director and Trade Commissioner, Japan External Trade Organization (JETRO), Takashi Oku, at the just concluded Lagos International Trade Fair acknowledged the low trade volume, maintaining that plans are ongoing to increase the volume of trade.

Nigeria and Japan maintain a positive bilateral trade relationship, urging the Nigerian government to tackle foreign exchange issues and high inflation rates to attract increased Foreign Direct Investments (FDIs).

Speaking on the level of patronage it received at the fair, he said over 50,000 visitors visited its pavilion.

“The turn out of Japan participants at the fair has been a gradual recovery since COVID 19 and this year, participants at this year’s fair are almost double of what we had last year and this for us is an achievement,” he said.

“We will try to introduce more Japanese products and services to Nigerian people and we also have some companies in collaboration with Nigerian companies, so we are seeking more cooperation and partnerships with Nigerian companies. We will also be looking at investing into Nigeria’s food and machinery industry,” he averred.

The Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, highlighted Nigeria’s vast economy, population, natural resources, growing human capital, and rich culture. He emphasized that the international community is increasingly recognizing Nigeria’s potential.

He emphasized that trade and investment are essential for realizing genuine economic growth in Nigeria.