Japanese companies see opportunities in Nigeria despite economic headwinds

Although Nigeria is in the midst of a severe economic recession, many of Japanese companies are still eager to tap into this attractive market or expand their business in Nigeria says Japan External Trade Organization (JETRO)

JETRO, a Japanese government-related body which promotes trade and investment between Japan and other nations, said it has opened the Japan pavilion at Lagos International Trade Fair 2016. This is its third year of participation since 2014. Within the pavilion, which is one of the biggest in the fair, nearly 30 Japanese firms and their local distributors are showcasing their products and technologies to Nigerian business persons and citizens through the 10 days event.

This year, Canon Central and North Africa built one of the largest stands in the Japan pavilion showcasing wide range of its products such as cameras, printers, camcorders, and photocopiers. The global giant of imaging products has also set up Canon Nigeria Imaging Solutions in Lagos to expand its business in Nigeria.

“We came here to make a long term commitment to the Nigerian market together with our customers and partners in Nigeria.” Roman Troedthandl, Managing Director of Canon Central and North Africa said. “Although Nigerian economy is now in a tough time, we are quite optimistic about the future business outlook and ready to serve Nigerian citizens’ quality of life with our cutting-edge products” he added.

Among other exhibitors are; Panasonic Marketing & Services Nigeria, Koncept Autocentre (partner of Isuzu Motors), R.T. Briscoe Nigeria (distributor of Toyota’s trucks, forklifts, etc.), CFAO Yamaha Motor Nigeria, Suzuki Motor, Massilia Motors (partner of Mitsubishi Motors), and so on.

Small and medium-sized enterprises producing high-quality products are participating in the Japan pavilion. “Number of Japanese companies have strong interest in Nigerian market. Their durable products, developed with highly advanced technology, can eventually give customers cost-saving merit as well.” Taku Miyazaki, Trade Commissioner and Managing Director of JETRO Lagos, said.

Import from Japan to Nigeria and export from Nigeria to Japan in 2015 marked significant decrease of 50.4 percent to USD 358.7 million and 37.3 percent to 2,829.0 million respectively mainly due to the forex scarcity and the lower price of natural gas. However, there has been an increasing trend of “manufacturing in Nigeria” in the past couple of years among Japanese companies.