As part of moves to improve trade relations with Nigeria, the Japan External Trade Organisation (JETRO) revealed that more Japanese investors have announced plans to increase their participation at the Lagos International Trade Fair (LITF) scheduled to hold in November 2018.
According to the Trade Commissioner and Managing Director of JETRO, Shigeyo Nishizawa, the move was a reflection of the belief and commitment Japanese companies have in Nigeria. He said the number of the Japanese affiliated companies in Nigeria increased by four in 2016 and by one in 2017 despite the recession.
Nishizawa said “this shows that nothing has changed as regards the huge potential of Nigeria and how strongly Japanese companies are eager to tap into this lucrative market”.
However, during a press briefing in Lagos, Nishizawa noted that Nigeria’s import from Japan in 2017 slightly decreased by 1.6 percent to $320.8 million while export to Japan decreased by 7.5 percent to $783.1 million. He explained that the trade decline between Japan and Nigerian from 2015 to 2017, was as a result of decreased natural gas import, slim harvest of sesame seeds in Nigeria and weak demand for some goods.
Nishizawa pointed out that despite the economic recession and the decline of volume of trade between both countries, the number of Japanese companies with strong interest in Nigerian market has increased. He said JETRO will be organising the Japan pavilion at the Lagos International Trade Fair 2018 in collaboration with Embassy of Japan.
To showcase the quality and reliability of products from Japan at the 10-day event, Nishizawa said more than 30 Japanese brands will present their products and technologies to Nigerian citizens and business officials.