Nigeria And Japan Exchange $10 Billion Worth Of Goods Annually

The Japanese ambassador to Nigeria, Matsunnaga Kazuyoshi, has revealed that Nigeria and Japan exchange $10 billion worth of goods annually.

The ambassador stated this when he visited the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Hajiya Saratu Umar, in Abuja on Tuesday.

Ambassador Kazuyoshi said Nigeria has been a significant trading partner, with trade between the two countries expected to grow more significantly in the coming years.

The envoy also expressed concerns about the feasibility of commercial plans and economic links between the two parties because a new administration is set to take office.

According to Matsunnaga, the TICAD 9 conference in Japan in 2025 will present a significant chance for Nigeria and Japan to develop their mutual economic interests.

He said, “Nigeria’s trade volume with Japan has reached 10 billion dollars, and it is growing, which is why we are visiting to reiterate our partnerships and build on it, especially after the recently held Nigeria Japan business forum which provided a very good opportunity to forward business relationships.

“We also had an international trade meeting in Lagos last year where the Japanese private sector was present. Also in January, we had a Nigeria-Japan business forum in which the private sector participated and it provided opportunities for matchmaking and social issues.”

While addressing her guest, Saratu reiterated efforts made by the federal government to work with the Japanese government to examine prospective business alliances to bolster investment campaigns in both countries.

The NIPC executive secretary said, “The federal government through the investment masterplan is working to attract more investments by bringing Japanese companies like Mitsubishi and others to assemble and manufacture their vehicles in Nigeria as a way to conserve foreign exchange.”

She said her office is “Engaging the central bank and other agencies of government to deal with the issues in the short term as the commission has a bigger plan to address some investment challenges in the national investment promotion master plan as Nigeria has a lot of potential waiting for investors to tap.”