The Japanese government has expressed optimism in Nigeria’s economy despite the harsh operating environment for businesses in the country.
The Managing Director and Trade Commissioner, Japan External Trade Organisation (JETRO), Takashi Oku, stated this on the sidelines of the opening ceremony of the 2023 Lagos International Trade Fair.
According to him, the Japanese government believes Nigeria’s economic situation would improve, urging the Tinubu-led administration to formulate economic policies that would lead to economic growth and development.
He pointed out that to reaffirm the Japanese government’s commitment to the Nigerian economy, the number of Japanese companies participating in this year’s fair increased from 19 to 33, stressing that it is a clear demonstration of Japan’s confidence in Nigeria’s economy.
“We have many investment here with about 51 companies in Nigeria. Both countries enjoy good trade relationship. We are working with Nigerian companies to introduce more products into the country,” he said.
He however, stated that the trade volume between Nigeria and Japan is not too large, saying that Nigeria is a net exporter of natural gas and sesame to Japan.
He stated that the export from Nigeria to Japan increased from $759,256,000 in 2021 to $1,250,470 while imports from Japan to Nigeria rose from $287,331,000 in 2021 to $248,577,000 in 2022.
“There is increased number of participants compared with last year. We had 19 companies last year, but have increased in to 33 companies,” he stressed.
Also speaking, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, said Nigeria has an enormous economy, population, natural resources, growing human resources and rich culture, adding that the international community is now paying close attention to the potential of Nigeria more than ever.
He added that trade and investment play an indipensable role to truly achieve economic growth in Nigeria.
“They serve as the catalyst for job creation, higher productivity, capital access, learning and innovation and expansion for technology spill overs. In this context, Lagos is the gateway to attracting foreign investment into Nigeria, and the Lagos International Trade Fair 2023 will be a distinct showcase of the momentum for growth through trade and investment,” he added.
He stated that Lagos is the most exciting commercial hub of Nigeria, maintaining that Nigeria is the most robust economic hub in Africa.
“Africa is and will be the hub of international trade and investment. This Trade Fair exemplifies such strong ties between Lagos, Nigeria and the international communities,” he averred.
He added that Japan, understanding the immense potential of the Nigerian economy, has long deepened its economic relationship with Nigeria.
“Today, 33 Japanese companies are exhibiting their ‘Made in Japan’ products and technologies in the Japan Pavilion at this trade fair. This clearly demonstrates that Japanese businesses are beginning to see Nigeria as their place to be. Japan is here to work with you to contribute to the economic diversification in Nigeria and to its future growth,” he assured.
