Taiwan to expand investment in Nigeria as trade ties hit N22bn
Nigeria’s bilateral trade with Taiwan moved to N22 billion in the first nine months of this year, increasing by over 118.35 per cent this year. This is as Taiwan yesterday, told The Guardian of its plans to pursue improved business relationships in Nigeria.
Coming amidst prevailing tension between the country and China, the country may become a potential petroleum products exporter from Nigeria as it makes efforts to accelerate ties with Nigeria.
The push for the development of the agriculture sector and chemical industry in Nigeria may turn Taiwan into a ready market as Nigeria continues to import machinery from the country.
Although the country does not currently have a diplomatic relationship with Nigeria, the two countries are members of the World Trade Organisation and have recently moved to link their import and export banks for trade facilitation on the backdrop of earlier support that led to the emergence of Nigeria’s Ngozi Okonjo-Iweala as the WTO Director-General.
The Ambassador of Taiwan to Nigeria, Andy Yil-ping noted that over $5 million has already been provided as a trade facilitation financial support scheme for traders of Nigeria and Taiwan.
With an existing Memorandum of Understanding (MoU) with the Abuja Chamber of Commerce and Industry (ACCI), there are indications that the three-decade presence of Taiwan in the country may be leapfrogged.
Yil-ping added that the two countries had worked closely with each other, disclosing that the Nigerian government has had different talks with Taiwanese government in terms of investment protection agreement.
Yil-ping believes that the investment protection pacts, which Nigeria already sealed with a few Asian countries, could become reality with Taiwan.
Joana Mai, Taiwan trade attaché to Nigeria noted that while the trade between the countries plunged to $300 million in 2020, it has grown to $530 million in the first nine months of 2021.
She equally noted that chemical exports from Nigeria could top Taiwan’s interest as well as farm products.
She stated that the country is willing to assist Nigeria with necessary technology that could help the nation’s industrialisation projections under a mutually beneficial relationship.
With a growing digital economy across the world, Mai noted that the country could provide innovative solutions that would improve the digital market in Nigeria.