With the Lagos International Trade Fair getting set for another edition next month, regular participant Japan seeks massive investment opportunities in Nigeria even as Japan External Trade Organisation (JETRO) announced in Lagos the readiness of 37 Japanese companies to participate in the trade fair.
Speaking on the trade relations between Nigeria and Japan as well as Nigeria's economic recovery and growing foreign trade, the Trade Commissioner/Managing Director, Japan External Trade Organisation, (JETRO), Mr. Shigeyo Nishizawa said that trade between Nigeria and Japan has been growing.
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He said, "Export from Japan into Nigeria in 2018 rose by 2.3% increase to US$328 million compared with US$321 million in 2017. Similarly, Export from Nigeria into Japan in 2018 also rose by 17.7% to US$922 million compared to US$783 million in 2017. Japan has exported vehicles, which share is 20.7% of total export in 2018, steel products (16.7%) and chemical products (11.3%). On the other hand, Nigeria has exported oil and gas, which share is 77.6% of total export in 2018 and non-ferrous metals (15.4%), according to Mr. Shigeyo Nishizawa, Trade Commissioner/Managing Director of Japan External Trade Organization (JETRO) Lagos.
According Nishizawa, the total of Japanese affiliated companies in Nigeria have increased to double in the last four years from 21 companies in 2014 to 42 in 2018, which shows Japan's strong interests in Nigeria market.
He further said that the rejuvenation of the economy of the African giant could not have been possible without the government intervention as well as increase in foreign investments. By this development of economic recovery, Japanese companies as a result have taken huge advantage to invest by expanding their businesses in the biggest African market in Nigeria.
"JETRO is a Japanese governmental organization that works to promote mutual trade and investment between Japan and the rest of the world. Its activities started in Nigeria in 1955 and recently it is focusing on promoting investment and facilitating trade from Japan to Nigeria. To cater for this, JETRO is organizing the Japan Pavilion at the Lagos International Trade Fair 2019 in collaboration with the Embassy of Japan, which is starting on Friday November 1st - Sunday November 10th 2019. This year marks the sixth year of JETRO's participation at the trade fair, since JETRO started in 2014 with the Japan pavilion, which is one of the biggest pavilion at the fair".
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Japanese companies, as well as their agents and local distributors would be exhibiting 37 Japanese companies of products and technologies to their Nigerian businessmen, officials and citizens presenting the quality and reliability of Japanese brands at the 10 days event.
Mr. Nishizawa disclosed that among other Japanese products likebrands of motorbikes from Honda, Yamaha and motor brands from Mitsubishi, Toyota, Isuzu, Suzuki, and other products such as cameras and multifunction printing machine of Canon, Sharp and Brother would boost Japanese exports, while construction materials such as Plascon Paint and Alteco Adhesive has guaranteed housing quality.