Taiwanese investors are currently looking to increase their investment in Nigeria, according to Taipei Trade Office Andy Yih-Ping Liu, Taiwan’s ambassador and representative in Nigeria. In an effort to increase trade between the two nations, the investors are looking to establish manufacturing facilities and other businesses. Liu announced this at the 17th Abuja International Trade Fair, which is currently taking place and is sponsored by the Taiwanese government as well as the Abuja Chambers of Commerce and Industry (ACCI).
He said that their businesses have begun looking into potential future investments and that in the past 1.5 months, they have already hosted two sizable delegations from Taiwan to do so. One of them is a leading Taiwanese steel pipe manufacturer who wants to establish a factory to produce steel pipe for clients in Africa and Europe. The second delegation arrived just two weeks ago, and they journeyed to Lagos to meet with numerous interested Nigerian businesses on an individual basis. As a result, they currently promote long-term investments while also promoting short-term trade.
Nigerian government should renew investment protection deal with Taiwan.
In order to ensure a secure investment environment for both Nigerian and Taiwanese investors, the ambassador encouraged the Nigerian government to renew the investment protection agreement with Taiwan. Liu also pointed out that trade between Taiwan and Nigeria has grown by 200 percent, reaching $1 billion. He claimed Nigeria had a sizable trade surplus with Taiwan in goods like sesame, groundnuts, and some petroleum products, while Taiwan also exported auto parts, hand tools, and agricultural machinery, among other things.
He also added that the volume of trade between Nigeria and Taiwan increased by 200 percent in 2021 and they definitely want to continue promoting this amazing type of progress, which is why they took part in the most significant trade fair in Abuja. More Nigerian companies are looking to do business with Taiwan, he said, noting that the $5 million loan facility being provided by the Nigerian export import bank with the Taiwan export import bank has produced significant results. The program could be expanded.
The Nigerian government should uphold the true value of democracy.
The ambassador also encouraged the Nigerian government to acknowledge the true value of democracy as Nigeria gets ready for the next general elections to be held in 2023. Additionally, he pledged Taiwan’s continued assistance to Nigeria, particularly in promoting international trade. Giving a speech at the trade show, Mai Liu from the Taiwanese company Maxxis, which operates in Nigeria, tried to encourage the Nigerian government to keep improving the business climate, particularly for foreign investors.
She makes the claim that the Naira’s cost of ownership and foreign exchange crises, as well as the economic stagnation that has significantly reduced people’s purchasing power, have made financial institution difficult so far in 2022. “The government is required to assist us a lot, and even more so with electricity.” To increase buying power, we need a more stable economy. We also need venture capital systems and services to welcome more foreign direct investment, she urged.
MOFA and Nigeria Trade Office in Taiwan co-host 2022 Business Forum.
The 2022 Nigeria-Taiwan Business Forum was co-hosted by the Nigeria Trade Office in Taiwan and the Ministry of Foreign Affairs of the Republic of China (Taiwan) at the Taipei International Convention Center. Leading industry representatives from Nigeria and Taiwan attended the forum. The event’s main focus was Nigeria’s e-commerce market, business climate and commercial opportunities as it explored potential areas for bilateral trade and investment cooperation after opening remarks from government vice ministers of both countries. The forum served to maintain the implementation of the Africa Project, a crucial Taiwan government policy, and set the stage for ongoing trade and economic interactions.
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