The trade volume between Nigeria and Taiwan declined from $1bn in 2021 to $500m in 2023 after imports from Nigeria matched Taiwan's demand for imported agricultural products.

The Chief of Mission of the Taiwan Government in Nigeria, Andy Liu, stated this during the 2024 Taiwan Business Forum in Nigeria.

He said Taiwan was a net importer of Nigeria's agricultural products, especially sesame seeds.

According to him, despite the decline in trade volume by 50%, Nigeria still remained a destination for Taiwanese businesses.

He said, "The highest peak of trade reached about $1 billion in 2021. It was the peak of COVID-19 with Nigeria enjoying a trade surplus with Taiwan. We imported more of Nigeria's agricultural products such as sesame beside oil-related products.

He said the Taiwanese government is working to address the adulteration and counterfeiting of Taiwanese products worldwide.

"We have been having our delegates visiting the world to prove that we are victims of piracy, but we are going to use the platform to show that we have good and quality products so as to let the world know who are the true providers of these quality goods.

"We are very glad to come to Nigeria to demonstrate who is the true owner of quality brands, the most unfortunate thing is that counterfeiters always come to different countries and run away when they have made their profits, but our suppliers would stay to provide good quality products, and also provide after-sale services," he added.

The Director General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Sola Obadimu, lauded Taiwan for its commitment to providing quality products in the Nigerian market.