Nigeria, Japan trade hits $10b

The Nigeria and Japan trade volume stands at $10billion annually with the expectations the trade volume will rise as both countries progress and concentrate on building stronger partnership.

Japanese Ambassador Matsunnaga Kazuyoshi stated this during a visit to Saratu Umar, Executive Secretary, Nigeria Investment promotion Commission (NIPC) in Abuja, stating that Nigeria has been a strategic business partner of Japan.

Umar reiterated the Federal Government’s commitment to ensuring deeper business partnership with the Japanese government on the investment drive of both countries.

The ES noted the Federal Government through the investment promotion master plan intends to attract more investments to the Country from various countries of the world.

These countries, she said, include Japan where more Japanese companies like Mitsubishi (which was in delegation) would be attracted to assemble and manufacture their vehicles in Nigeria as ways to conserve foreign exchange and generate foreign exchange through the export of their products.

According to her::”NIPC is engaging different Ministries, Departments and Agencies including the Central bank to ensure synergy of the investment ecosystem. Concerns on foreign exchange availability is being discussed with the central bank and will be addressed not only in the short term, but also in the medium to long term.

The Japanese Ambassador noted that Nigeria’s trade volume with Japan has reached 10 billion dollars and growing, which is why they are in Nigeria to reiterate their commitment and build on the existing business partnership, from the recently held Nigeria Japan business forum held in Tokyo, Japan has provided the opportunity to improve business relationships for both countries.

He raised concerns on the continuity of business policies and trade relationships between both parties especially as a new administration beckons in few months, adding that TICAD 9 in 2025 in Japan will be a big opportunity for Nigeria and Japan to advance its business cause.