The Chief of Mission to the Taiwanese Government in Nigeria, Andy Liu, recently revealed the decrease in Nigeria—Taiwan trade at the 2024 Taiwan Business Forum held in Lagos, Nigeria. He noted that the trade value was halved to $500m in 2023 from $1bn in 2021.
He expressed his dissatisfaction towards the new trade value development, noting that Taiwan plays a vital role in the agriculture sector of Nigeria as a net importer of Nigeria’s agricultural products regarding sesame seeds.
However, the envoy maintained that despite the low turn-up in the trade value, Nigeria has remained a desirable market destination for Taiwanese businesses.
Liu stated, “The highest peak of trade reached about $1bn in 2021. It was the peak of COVID-19, with Nigerians enjoying surplus trading with Taiwan. Aside from oil-related products, we imported more of Nigeria’s agricultural products, such as sesame. In 2021, our food processing industries had a huge demand for agriculture products.”
He added that in 2022, the provider of Nigerian food products had already matched their demand, resulting in low trade volume.
Hoping for a significant business transaction, Liu said, “So, from 2022 to 2023, we experienced a decline to about $500m, which was still a great value because both countries were still trading. So, we might see some level of increase soon.”
However, Liu bitterly cried out about adulteration and how it has affected the expected profit margin. He stated that the Taiwan government has been sending delegates to various parts of the world to address the issues of piracy and to clearly distinguish the quality of the original product from the copies recreated.
While Globe Industries Corporation President David Hwang blamed the influx of counterfeited products from China for the decline in profit margin, Liu expressed Taiwan’s happiness at demonstrating who is the true owner of quality brands.
In response, Sola Obadimu, the Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, said he will ensure that NACCIMA works closely with Taiwanese companies to drive business growth for both countries.
