President, Lagos Chamber of Commerce and Industry, LCCI, Gabriel Idahosa, has called for new business partnerships and collaborations that would define the future of Nigeria, Taiwan and other African countries.
Speaking at the recently concluded 2024 Taiwan-Africa Business Forum which held in Taiwan, Idahosa, who was represented by the Chairperson, Creative and Entertainment Group of LCCI, Dr. Ngozi Omambala, affirmed that collaborations between Taiwan and Africa could help bridge gaps in infrastructure, information technology, energy, and manufacturing sectors.
According to him the two regions have witnessed impressive growth in trade in the past few years, explaining that, "Trade volumes soared from $4.65 billion in 2018 to $7.81 billion in recent years, which is an astounding growth of nearly 70 percent. These numbers are indicative of the tremendous opportunities that lie ahead.
"Taiwan's commitment to Africa has been evident, with partnerships spanning sectors like healthcare, agriculture, technology, and manufacturing.
"Key African countries, such as Nigeria, Eswatini, South Africa, and Ghana, have been vital in these exchanges".
Describing Nigeria as Taiwan's second-largest trading partner in sub-Saharan Africa, Idahosa said that Taiwan's presence in Nigeria was solidified by the successful Taiwan trade business forum in Lagos in May 2024.
The forum, he said highlighted Taiwan's expertise in sectors like electronics, machinery, and clean energy, with nine leading Taiwanese companies showcasing their products to Nigerian businesses.
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In his words: "The partnership between Nigeria and Taiwan is one of mutual benefits, as both economies complement each other in key sectors. With its vast natural resources, Nigeria offers Taiwan opportunities to access raw materials for industrial production.
"Earlier this year, during the Taiwan Trade Business Forum in Lagos, discussions focused on expanding trade in energy, telecommunications, and automotive sectors", he said.
He observed that countries including Ghana, Kenya, and South Africa is already interested in Taiwanese technology and products.
To him, Taiwan's status as the world's 17th largest merchandise exporter, ICT, and high-end manufacturing expertise makes it an ideal partner for these rapidly developing African economies.
However, he stressed the need for Taiwanese businesses to exploit Africa's young and skilled labour force, particularly in the manufacturing, fintech, and logistics industries.
His words: "By establishing more joint ventures and manufacturing hubs in Africa, Taiwanese companies can help bolster local industries while also benefiting from Africa's expanding markets".
