Taiwan-Nigeria Trade Halved to $500M in 2023, Down from $1B in 2021

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The Chief of Mission to the Taiwanese Government in Nigeria, Andy Liu, revealed that the trade value between Nigeria and Taiwan dropped by half to $500 million in 2023, down from $1 billion in 2021. Liu made this announcement at the 2024 Taiwan Business Forum in Lagos.

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Liu highlighted that Taiwan is a significant importer of Nigeria’s agricultural products, particularly sesame seeds. Despite the reduction in trade volume, Nigeria remains an attractive market for Taiwanese businesses.

“The highest peak of trade reached about $1 billion in 2021, during the peak of COVID-19, with Taiwan importing a surplus of Nigeria’s agricultural products, such as sesame. In 2021, there was a substantial demand for these products for our food processing industries,” Liu explained.

He noted that the decline in 2022 occurred because Nigerian food product providers had met the previous high demand. “So, from 2022 to 2023, we saw a decline to about $500 million, which is still significant as both countries continue trading. We anticipate some level of increase in the near future,” Liu said optimistically.

Liu also addressed the issue of counterfeit Taiwanese products, highlighting the global challenges of counterfeiting and piracy. To combat this, the Taiwanese government has been dispatching delegates worldwide to showcase the quality of genuine Taiwanese products.

“We have sent our delegates globally to prove that we are victims of piracy and to demonstrate the superior quality of our products. We are pleased to come to Nigeria to show the authenticity of our quality brands,” he stated.

Liu emphasized that Taiwanese suppliers remain committed to providing high-quality products and after-sales services, unlike counterfeiters who disappear after making profits.

David Hwang, President of Globe Industries Corporation, attributed the decline in profit margins to the influx of counterfeit products from China. “Our businesses are suffering because these counterfeit products are cheaper than the original ones, deeply affecting our profits,” Hwang explained.

The Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Sola Obadimu, praised Taiwanese companies for their focus on African businesses and assured continued collaboration to drive business growth for both countries. “We will keep interacting with Taiwanese companies and work behind the scenes to support this partnership,” Obadimu noted.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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