Nigeria-Taiwan Commerce Drops by $500m – Envoy

Nigeria-Taiwan Commerce Drops by $500m – Envoy

The Chief of Mission to the Taiwanese Authorities in Nigeria, Andy Liu, has disclosed that the worth of commerce between Nigeria and Taiwan was halved to $500m in 2023, from $1bn in 2021.

Liu acknowledged this not too long ago in Lagos whereas talking on the 2024 Taiwan Enterprise Discussion board in Nigeria.

He defined that Taiwan was a web importer of Nigeria’s agricultural merchandise, particularly sesame seeds.

The envoy maintained that regardless of the decline in commerce quantity, Nigeria remained a vacation spot for Taiwanese companies.

“The very best peak of commerce reached about $1bn in 2021. It was the height of COVID-19, with Nigerians having fun with surplus buying and selling with Taiwan. We imported extra of Nigeria’s agricultural merchandise, similar to sesame, other than oil-related merchandise. In 2021, we had an enormous demand for agriculture merchandise for our meals processing industries,” Liu acknowledged.

He added that in 2022, the commerce declined as a result of the suppliers of Nigerian meals merchandise had already matched their demand.

“So, from 2022 to 2023, we skilled a decline to about $500m, which was nonetheless an ideal worth as a result of each international locations had been nonetheless buying and selling. So, we would see some stage of improve within the close to future,” he enthused.

He bemoaned the excessive stage of adulteration of Taiwanese merchandise, saying Taiwan had been struggling every kind of counterfeiting and piracy all around the world.

The envoy acknowledged that to handle the problem, the Taiwanese authorities had been sending delegates to totally different components of the world to showcase the standard of Taiwanese merchandise.

“We’ve got been having our delegates go to the world to show that we’re victims of piracy, however we’re going to use the platform to indicate that we’ve got good and high quality merchandise to let the world know who the true suppliers of those high quality items are.

“We’re very glad to come back to Nigeria to exhibit who’s the true proprietor of high quality manufacturers. Probably the most unlucky factor is that counterfeiters at all times come to totally different international locations and run away once they have made their income, however our suppliers would keep to offer good high quality merchandise but in addition present after-sale providers,” he acknowledged.

In accordance with Liu, Taiwan got here to offer its providers and in addition assure the standard of its merchandise.

Additionally, the President of Globe Industries Company, David Hwang, blamed the inflow of counterfeited merchandise from China for the decline in revenue margins.

“Our companies are happening due to counterfeited merchandise. We came upon that these adulterated merchandise are cheaper than the unique merchandise and that is hitting deep into our revenue margins.

“We’re right here to seek out companions in order that we are able to do enterprise differently that can profit each worldwide and native companies,” he defined.

On his half, the Director Common of the Nigerian Affiliation of Chambers of Commerce, Trade, Mines and Agriculture, Sola Obadimu, stated one key attribute of the Taiwanese was that they had been targeted on African companies, including that the standard of their merchandise was assured.

He assured that NACCIMA would proceed to work with Taiwanese corporations to drive enterprise progress for each international locations.

“We are going to proceed to work together with Taiwanese corporations whereas we might additionally work behind the scenes,” he famous.