Taiwan seeks bilateral agreement renewal with Nigeria

Taiwan’s government has called for the renegotiation of bilateral relations with Nigeria to explore mutually beneficial opportunities between the two nations.

Chief of Taiwan Mission at the Taipei Trade Office in Nigeria, Andy Yih-Ping Liu, made the appeal during an interactive session with the media in Lagos over the weekend.

Liu revealed that he had submitted a proposal to Nigerian President Bola Ahmed Tinubu, outlining ways to strengthen ties between Nigeria and Taiwan.

He highlighted that the trading value between the two nations stood at $400 million in 2023, a modest sum when compared to China’s trade volume of $226 billion.

However, Liu emphasised that the value of trade was not as significant as the quality of Taiwan’s industrial products.

“Taiwan’s industrial capability is of high quality. We don’t make cheap, inferior products. It’s not the trade value that matters, but the quality of the goods,” Liu said.

He added that Taiwanese products had been well received by Nigerian traders and industrial companies, underscoring the importance of attracting more Taiwanese businesses to invest in Nigeria.

Liu stressed that it was crucial for the Nigerian and Taiwanese governments to renew the agreement for the protection of investments between the two nations.

The Taiwanese diplomat, who first arrived in Nigeria over 30 years ago, pointed out that the bilateral agreement, signed in 1994, was long overdue for renewal.

He explained that both governments had already negotiated extensively on the matter, and all that remained was for the agreement to be signed by the respective missions.

“The agreement was signed 30 years ago. Both sides have negotiated quite extensively, and now it just needs to be finalised. We urge the Nigerian government to expedite the process and finalise the agreement for mutual investment protection,” Liu said.

He emphasised that without the agreement, Taiwanese investors might hesitate to invest in Nigeria, as they would lack the confidence that their investments would be adequately protected.

Liu further suggested that Nigeria and Taiwan could deepen their bilateral relations by resuming yearly governmental negotiations at the permanent secretary level, which were discontinued around 2015 or 2016.

He pointed to Australia as an example, noting that Taiwan holds yearly consultations with Australia at the permanent secretary level to discuss trade and investment opportunities in natural resources and agriculture.

“We believe that if we resume such consultations, both Nigeria and Taiwan can benefit greatly from enhanced trade and investment,” Liu concluded.