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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The value of trade conducted between Nigeria and Taiwan surged by a factor of two in 2021, and both countries intend to do everything in their power to ensure that this phenomenal rate of growth continues.
The meeting between NIgeria and Taiwan ensured the continuation of the Africa Project, an important government initiative in Taiwan, and laid the groundwork for further commercial and economic exchanges between the two regions.
Financial institution has been challenging thus far in 2022 due to the cost of ownership and foreign currency crises of the naira, as well as the economic stagnation that has considerably decreased peoples’ purchasing power.
Bilateral relationship really help countries in their development. This business relationship with Taiwan will help uplift our economy a little bit. I hope we become more friendly to them incase we need their assistance.
Trade between Taiwan and Nigeria has grown by 200 percent, reaching $1 billion. 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.
Nigeria’s trade relationship with Taiwan has really progress. This will open room for more development and growth in the country
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.
Trade relationship with Nigeria and Taiwan will really help our country in term of been more developed and grow which will also improve our economy and provide more friendly relationship
Bilateral trade and investment cooperation
with the Taiwan will encourage the govt to keep improving business relationships particularly with foreign investors.
Nigeria as a nation has all it takes to be recon with in the world that is why many countries are interested in Nigeria.
The investors want to enhance the amount of trade that occurs between the two countries, thus they are looking into establishing manufacturing facilities and other enterprises.
Taiwan been invest in Nigeria is a welcome development because it will benefit both the government and citizens.
Inveatment is good oo but the way i see this country. Investment is not about problem because all this investment can not surve our problem oo. All we really need now is good government with vision.
Their companies have started investigating the possibility of future investments, and over the course of the past one and a half months, they have already welcomed two sizeable delegations from Taiwan in order to do so.
About two weeks ago, a second group of visitors landed in Nigeria and headed to Lagos for one-on-one meetings with various eager Nigerian companies. Thus, they currently advocate for long-term investments while also highlighting the importance of short-term trading.
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
Trade between Nigeria and Taiwan resulted in a significant surplus for Nigeria in the form of sesame, groundnuts, and certain petroleum products.
The Taiwanese corporation Maxxis, which has operations in Nigeria, made an effort to persuade the government of Nigeria to maintain and further improve the country’s favorable business climate, particularly for international investors.
The event served to sustain the implementation of the Africa Project, an important policy initiative of the Taiwanese government, as well as set the stage for ongoing commercial and economic exchanges.
I hope the bilateral trade between Nigeria and Taiwan will be maintained since the relationship is symbiotic and beneficial to both parties.