The trade Commissioner of the Nigeria Trade Office, Mr. Ibrahim A. Ahmed has said that Nigeria-Taiwan trade in 2021 reached US$830 million.
This was contained in a statement on Friday by Deputy Director, Press in the Federal Ministry of Industry, Trade and Investment.
TheFact Nigeria learned that the amount represented the highest figure in the last five years and indicating increasingly prosperous bilateral economic and trade exchanges between the two countries.
Mr. Ahmed said that Nigeria was therefore set to be the largest African trading partner for Taiwan.
It was also gathered that Nigeria Trade Office in Taiwan and MOFA co-hosted 2022 Nigeria-Taiwan Business Forum, providing platform for trade and investment cooperation
The Ministry of Foreign Affairs of the Republic of China (Taiwan) and the Nigeria Trade Office in Taiwan co-hosted the 2022 Nigeria-Taiwan Business Forum.
The event held both virtually and physically at the Taipei International Convention Center January 6, 2022.
The forum was attended by leading industry representatives from Taiwan and Nigeria.
After opening remarks from government deputy ministers of both countries, the event focused on the e-commerce market, business environment, and commercial opportunities in Nigeria, exploring potential areas for bilateral trade and investment cooperation.
The forum aimed to establish a basis for regular trade and economic exchanges and served to continue the implementation of the Africa Project, a key Taiwan government policy.
Evelyn Ngige, Permanent Secretary of the Federal Ministry of Industry, Trade and Investment of Nigeria, recognized that the forum provided a platform and opportunity to develop the strategic sectors of the two countries.
She said the event was a chance for both sides to evaluate the existing trade and economic relations and look into ways to improving and exploring other areas on a win-win basis.
Ngige also said that she looked forward to expanding ties to socioeconomic activities that would improve the well-being of the two countries.
Permanent Secretary Ngige also pledged to deepen relations with Taiwan and expressed the hope that visiting delegations and physical meetings could be arranged after the pandemic.
Taiwan Vice Minister of Foreign Affairs, Alexander Tah-ray Yui pointed to complementary areas and competitive advantages of industrial development in the two countries.
He suggested the potential for cooperation in fields including machine tools and equipment, e-commerce, expanding the halal market, the food processing industry, and automotive parts and accessories.
Vice Minister Yui encouraged enterprises from both sides to pursue cooperation.
He also urged Taiwanese companies to enter the African market and take advantage of the business opportunities that will emerge after the economic integration of the African Continental Free Trade Area.
To establish a sound legal framework to protect investors from both countries, the governments of Taiwan and Nigeria will update their 1994 agreement on the promotion and protection of investments.
During the forum, official representatives from the Nigerian Investment Promotion Commission and the Executive Director of Nigerian Export Promotion Council, as well as the President of the Taiwanese Chambers of Commerce in Nigeria, shared the latest business information from Nigeria.
A representative from the Export-Import Bank of Taiwan explained how its relending facility could help Taiwanese businesses win African orders.
The forum attracted more than 100 participants from industry and academia in Taiwan and Nigeria.
Represented sectors included the food, agriculture, transportation, technology, and computer industries.
Business leaders from both sides said that forums such as this helped build industrial connections and create alliances and partnerships between companies.
The event was particularly helpful for Taiwanese businesses hoping to expand into emerging African markets, as well as Nigerian companies looking to develop Asian markets.
Participants expressed the hope that the governments of Taiwan and Nigeria could continue this model of cooperation to provide more corporate networking and match making opportunities in the future.