•Buyers visit Japan Pavilion at Lagos Trade Fair
The Japan External Trade Organisation (JETRO) is optimistic that Japanese businesses are eager to invest in Nigeria.
Trade Commissioner and Managing Director, JETRO Lagos, Taninami Takuma, stated this on the sidelines of the Lagos International Trade Fair (LITF) at the Tafawa Balewa Square, noting that Nigeria is a big market no one can ignore.
JETRO is well known as the Japanese government agency established to promote trade and investment between Japan and the rest of the world.
He added that the country’s lack of infrastructure and security are to blame for the rising cost of doing business in the country.
The Trade Commissioner: said: “The situation is getting better and we know Nigeria is not a market you can ignore. There are a lot of market opportunities in the country because of its huge population. This is one of our missions to promote Japanese businesses in the country.”
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According to Takuma, in 2021, trade between Nigeria and Japan saw exports from Nigeria to Japan reaching $760 million and imports from Japan to Nigeria reached $287 million.
He emphasised that Liquefied Natural Gas (LNG), which accounts for almost 70% of all exports from Nigeria to Japan, is one of the main exports.
He explained that there are more Japanese enterprises in Nigeria than ever before, with 45 firms in total as of 2022.
“It is notable that we recently have several VC funds and startups which are operated by Japanese persons in Nigeria. Nowadays, rising innovative startups in Nigeria attract more Japanese businesses persons to invest and they are getting involved in this sector. Not only for VC funds, but trading houses and manufacturers are seeking opportunities to collaborate with Nigerian startups,” he stated.
Nigerians in need of durable and quality products are visiting the Japanese Pavilion for business at the fair.