The Chief of Mission of the Taiwan Government in Nigeria, Andy Liu, revealed yesterday that the trade volume between Nigeria and Taiwan reached $500 million in 2023.
Liu made this statement on the sidelines of the 2024 Taiwan Business Forum in Nigeria.
He noted that the trade volume experienced a decline from $1 billion in 2021, attributing the decrease to imports from Nigeria matching Taiwan’s demand for imported agricultural products.
Taiwan, he emphasized, remains a significant importer of Nigeria’s agricultural products, particularly sesame seeds.
Liu explained, “The highest peak of trade reached about $1 billion in 2021. It was the peak of the COVID-19 pandemic with Nigeria enjoying a trade surplus trading with Taiwan.
“We imported more of Nigeria’s agricultural products such as sesame besides from oil-related products.”
He continued, “In 2022, the trade declined because the provider of the Nigerian food products had already matched our demand, so from 2022 to 2023, we experienced a decline to about $500 million which is still a great value because both countries are still trading so we might see some level of increase in the nearest future.”
Expressing concerns about the high level of adulteration of Taiwanese products, Liu highlighted efforts by the Taiwanese government to combat piracy and showcase the quality of their products worldwide.
He assured of Taiwan’s commitment to providing quality goods and after-sale services.
President of Globe Industries Corporation, David Hwang, attributed the decline in profit margins to the influx of counterfeited products from China.
He, however, expressed the need to establish partnerships to benefit both international and local businesses.
On his part, the Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Sola Obadimu, praised Taiwan’s focus on African businesses and assured continued collaboration to drive business growth for both countries.
In a related development, India and Nigeria have pledged to strengthen bilateral trade and investment ties through focused collaboration and cooperation.
The commitment was reaffirmed during a recent Joint Trade Committee meeting in Abuja. Both nations identified areas of mutual interest and potential for further expansion.
Led by a seven-member delegation from India, including officials from the Ministry of Commerce & Industry, they reviewed recent bilateral trade and investment developments and explored avenues for enhanced cooperation.