Home Trade industry Taiwan targets local content as trade with Nigeria soars 200% — Business — The Guardian Nigeria News – Nigeria and World News

Taiwan targets local content as trade with Nigeria soars 200% — Business — The Guardian Nigeria News – Nigeria and World News

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Taiwan plans to boost its presence in Nigeria by exploring local solutions as the country’s trade with Nigeria soars 200% to $1 billion.

Taiwan’s Ambassador to Nigeria and Taipei Trade Office Representative Andy Yih-Ping Liu said Taiwanese investors are looking to expand their presence in Nigeria with local factories instead of just focusing on exporting to the country. Nigeria.

The East Asian country, according to Liu, could make Nigeria a hub for steel pipes where it would reach other African markets.

Liu said, “In the past month and a half, we have already had two large delegations from Taiwan to explore investment opportunities. One of them is a big Taiwanese steel pipe company, they want to see if they can set up a factory to make steel pipe for customers in Africa and Europe.

“The second delegation came just two weeks ago, they went to Lagos for a one-on-one business tour with a large number of Nigerian companies who would like to do business. So currently, we would be promoting short-term business and at the same time we would promote long-term investment.

The ambassador said there was a need for the Nigerian government to renew the trade agreement it had with the country in order to create a safer investment climate for Taiwanese companies in Nigeria and Nigerian companies operating in Taiwan.

“Currently, we would like to promote short-term trade and at the same time promote long-term investment, but the most important thing is that the Nigerian government must renew the investment protection agreement with us so that both sides can have a secure investment climate for Nigeria investing in Taiwan and for Taiwan investing in Nigeria,” he said on the sidelines of the Abuja International Trade Fair.

Liu revealed that trade between the country and Nigeria has grown exponentially, with the 2021 figure showing a 200% recovery after the Covid-19 outbreak, showing a positive outlook.

Sesame, groundnuts and petroleum products are shipped to Taiwan from Nigeria, with the country exporting auto parts, hand tools and agricultural machinery, among others.

He noted that the Taiwanese government may renew the $5 million loan facility extended by the Nigerian Export-Import Bank with the Taiwanese Export-Import Bank, adding that the loan has yielded significant results.

Representative of Maxxis, a Taiwanese tire company operating in Nigeria, Mai Liu noted that the current foreign exchange challenges in the country have impacted the organization.

She noted that the devaluation of the naira and the current economic situation affect the purchasing power of consumers.

She urged the federal government to improve the business environment, especially for foreign investors.

Liu said, “We need a lot of help from the government, especially electricity. We need a more stable economy to boost purchasing power, we need investment infrastructure to open up to more foreign investment.