Guaranteed forex access will boost Nigeria’s economy –Japan

The Japanese government has said that if Nigeria is able to guarantee easy access to foreign exchange, it will boost the economy.

This was disclosed by the Managing Director and Trade Commissioner, Japan External Trade Organisation Takashi Oku, at the just concluded Lagos International Trade Fair, where he also acknowledged that the trade volume between both countries is low and stated that plans are being put in place to increase the volume of trade.

He said, “Foreign companies and Nigerian companies are struggling to get foreign currencies. Investors need to be guaranteed easy access to forex as this would help Nigeria’s economy grow, while also encouraging Foreign Direct Investments.

On the amount of patronage it received at the fair, the JETRO boss said over 50,000 visitors visited the country’s pavilion. It was also revealed that the number of Japanese companies at this year’s fair almost doubled from 19 in 2022 to 33 in 2023.

“The turnout of Japanese participants at the fair has been a gradual recovery since COVID-19 19 and this year, participants at this year’s fair are almost double of what we had last year and this for us is an achievement.

“We will try to introduce more Japanese products and services to Nigerian people and we also have some companies in collaboration with Nigerian companies, so we are seeking more cooperation and partnerships with Nigerian companies. We will also be looking at investing in Nigeria’s food and machinery industry,” he averred.

Also speaking, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, said Nigeria has an enormous economy, natural resources, growing human resources and a rich culture.

Kazuyoshi said that the international community was paying closer attention to the potential of Nigeria more than ever.

He added that trade and investment play an indispensable role in achieving economic growth in Nigeria.

“They serve as the catalyst for job creation, higher productivity, capital access, learning and innovation and expansion for technology spillovers. In this context, Lagos is the gateway to attracting foreign investment into Nigeria, and the Lagos International Trade Fair 2023 was a distinct showcase of the momentum for growth through trade and investment,” he added.

He stated that Lagos is the most exciting commercial hub of Nigeria, maintaining that Nigeria is the most robust economic hub in Africa.