The Chief of Mission to the Taiwanese Government in Nigeria, Andy Liu, has revealed that the trade value between Nigeria and Taiwan saw a significant decrease to $500 million in 2023, down from $1 billion in 2021. Liu disclosed this at the 2024 Taiwan Business Forum in Nigeria held in Lagos.
Taiwan, being a net importer of Nigeria's agricultural products, particularly sesame seeds, has maintained its trade relations with Nigeria despite the decline in trade volume.
Liu highlighted that in 2021, at the peak of COVID-19, trade peaked at $1 billion, with Nigeria benefiting from surplus trading with Taiwan. The demand for Nigeria's agricultural products, especially sesame seeds, was high for Taiwan's food processing industries.
The trade volume dipped in 2022 as the supply of Nigerian food products met the demand. However, Liu expressed optimism for a potential increase in trade in the near future, emphasizing the continued trade relationship between both countries.
Liu raised concerns about the prevalence of counterfeit Taiwanese products globally, attributing the issue to piracy and counterfeiting. To combat this challenge, the Taiwanese government has been actively showcasing the quality of its products through international delegations.
President of Globe Industries Corporation, David Hwang, attributed the decline in profit margins to the influx of counterfeit products from China. Hwang emphasized the need to establish partnerships that benefit both international and local businesses to address this issue.
Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Sola Obadimu, commended the Taiwanese focus on African businesses and the quality assurance of their products. NACCIMA pledged to collaborate with Taiwanese companies to foster business growth and mutual benefits for both nations.
