Taiwan seeks increased economic ties with Nigeria

The Taiwanese government says it is currently seeking ways of increasing economic ties with Nigeria, especially, in the areas of trade, investment and skills development.

The Representative and Head of Mission of Taiwan in Nigeria, Mr. Morgan Chao, disclosed this during a meeting with Nigeria’s minister of Industry, Trade and Investment, in Abuja.

 Morgan said Nigeria was a strategic trading partner to Taiwan,  given the country’s (Nigeria) abundant human and natural resources.

He said, “In 2012, the trade volume between Nigeria and Taiwan was $1.6 billion, in 2013, it was $1.2 billion, but last year, it was $800 million only. This shows that the trade volume between Nigeria and Taiwan is decreasing. Therefore, we need to do more to be able to increase the bilateral trade volume between Nigeria and Taiwan. We are known for our cutting edge manufacturing and industrial products while, on the other hand, Nigeria is renowned for its abundant raw materials and natural resources such as crude oil and agricultural products.

 “So, if both countries cooperate and work together to increase our trade volume, it will be a win-win situation for us. And as the Representative and Head of Taiwan’s Trade Mission in Nigeria, I want to promote increased bilateral economic, trade and investment relationship between Nigeria and Taiwan. Also, I will persuade my government on the need to buy more goods, especially crude oil and gas-related products from Nigeria.The current decline in the  price of crude oil in the global market  is having  a negative impact on the Nigerian economy, and Taiwan, being a good friend of Nigeria, will like to lend our support  to Nigeria at this auspicious moment.”

In his response, the Minister of Industry, Trade and investment, Mr. Olusegun Aganga, said that Nigeria had adopted a strategic approach in its trade and economic relationship with its foreign trading partners.

The minister explained that such strategic approach involved encouraging its trading partners to invest in the establishment of manufacturing plants in Nigeria and utilize the country’s local raw materials in order to create jobs and generate wealth for Nigerians.

He said, “Nigeria-Taiwan trade relations is anchored on the Memorandum of Understanding on trade signed by both countries on November 1990. The MOU desired to complement and facilitate the private sector initiatives towards promoting trade and development of greater and enduring economic ties between Nigeria and Taiwan.

“As a country, we have adopted a strategic approach towards increasing our trade volume with our trading partners, including Taiwan. In order to achieve this, we are encouraging our trading partners who want to increase their economic ties with Nigeria to come and invest in establishment of manufacturing plants which will add value to our raw materials,  create more jobs and generate wealth for our people.

 “Due to the new Nigeria that President Goodluck Jonathan is building, we have become more strategic by seeking to build symbiotic and sustainable economic relationship that promotes inflow of investment and technical know-how into our country.” Aganga added.

Taiwan’s  imports from Nigeria include natural gas; motor spirit; frozen crabs; sesame seeds; cocoa butter, fat and oil, and wood charcoal, among others. On the hand, Nigeria’s  imports  from Taiwan includes : air-conditioners, aerials and reflectors; acetic acid; industrial air compressors and milking machines, among other things.