Japan seeks huge opportunities as Nigerian economy recovers

Japan seeks huge opportunities as Nigerian economy recovers

ON October 28, 2017 9:42 AM / IN Business,
News / BY Ugoh Solomon Chinonso
33 of its brands to be showcased at 2017 trade fair
In order to strengthen trade relations between Nigeria and Japan, 33 Japanese brands are to be showcased at 2017 Lagos International Trade Fair, seeking huge opportunities in Nigeria as economy recovers.

Speaking on the trade relations of both countries and 2017 Lagos International Trade Fair, Trade Commissioner, Managing Director, Japan External Trade Organisation (JETRO), Taku Miyazaki said that since 1954, Japan has not relented its efforts in building strong trade relation with Nigeria that has benefitted both countries. “We’ve been participating in transferring technology to local producers and we want to continue that even as Nigeria diversify its economy”.
Miyazaki said that JETRO is mounting a pavilion at the Lagos International Trade Fair 2017, starting November 3, saying that this is the fourth year of participation since 2014 and this year within the pavilion, Japanese firms and their local distributors with 33 Japanese brands are showcasing their products and technologies to Nigerian business people and citizens through the 10 days event. We have received Best Pavalion Award for 3 years of the 4 years we have participated. More importantly, the number of Japanese companies in Nigeria has increased by 4 last year despite the economic recession, and they are creating job opportunities, share value of Japanese craftmanship, which is the key agenda of the federal government and its Economic Recovery and Growth Plan (ERGP)”.
Managing Director, Honda Manufacturing Nigeria, Mr. Katsuhiro Murooka, said, “We are very excited to be back in this year’s trade fair, saying that Honda has a long history of manufacturing motorcycles in Nigeria since 1979.
Continuing, Miyazaki said that small and medium-sized enterprises producing high quality products and companies with new type of business are also participating in the Japan pavilion.
He stressed that Nigerian import from Japan and export to Japan in 2016 marked decrease of 9.0 percent to $326.1 million and 70.0 percent to $849.6 million respectively, mainly due to the continued forex scarcity and the lower price of natural gas. However, despite the economic recession and declaration of the trade, numbers of Japanese companies have strong interests in Nigerian market. The number of the Japanese affiliated companies has increased and this shows nothing has changed on the huge potential of Nigeria and how strongly Japanese companies are eager to tap into this lucrative market”.