LIVE UPDATES
The Chief of Mission to the Taiwanese Government in Nigeria,Andy Yih-Ping Liu recently revealed that the trade value between Nigeria and Taiwan dropped by half to $500 million in 2023, down from $1 billion in 2021.
This was disclosed during his speech at the 2024 Taiwan Business Forum in Nigeria held in Lagos.
Liu explained that Taiwan primarily imports agricultural products from Nigeria, particularly sesame seeds. Despite the decrease in trade volume, he emphasized that Nigeria continues to be an attractive market for Taiwanese businesses.
Liu highlighted that the peak of trade occurred in 2021 during the height of the COVID-19 pandemic, with Nigeria enjoying a surplus in trade with Taiwan. He noted that in 2021, there was a high demand for Nigeria's agricultural products, particularly sesame and oil-related items, for Taiwan's food processing industries.
However, in 2022, trade declined as the supply of Nigerian food products had already met the demand. This led to a decrease in trade volume to approximately $500 million from 2022 to 2023. Nevertheless, Liu expressed optimism about the potential for an increase in trade between the two countries in the near future.
He expressed deep concern about the extensive adulteration of products from Taiwan, noting that the country has been a victim of widespread counterfeiting and piracy globally.
The ambassador mentioned that the Taiwanese government has been dispatching representatives to various regions to demonstrate the superior quality of Taiwanese goods in response to this issue.
“Our representatives have been traveling around the world to demonstrate that we are victims of piracy, but now we want to use this opportunity to showcase the high quality of our products and establish ourselves as the true providers of these goods.
“We are pleased to be in Nigeria to prove that we are the genuine creators of quality brands. It's unfortunate that counterfeiters come to different countries, make their profits, and then disappear, while our suppliers not only provide high quality products but also offer after-sales services,” he explained.
Liu emphasized that Taiwan is committed to delivering its services and ensuring the quality of its products.
Additionally, David Hwang, the President of Globe Industries Corporation, attributed the decline in profit margins to the influx of counterfeit products from China.
“Our businesses are suffering due to counterfeit products. We have discovered that these fake products are cheaper than the originals, which is significantly impacting our profits.
"We are here to seek out potential partners in order to conduct business in a mutually beneficial manner for both international and local businesses," he stated.
In addition, Sola Obadimu, the Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, emphasized that one notable characteristic of Taiwanese companies is their focus on African businesses, and he added that their products are of guaranteed quality.
He reassured that NACCIMA would persist in collaborating with Taiwanese companies to promote business growth for both nations.
"We will maintain our engagement with Taiwanese companies while also working diligently behind the scenes," he remarked.
