In a fresh move to deepen the balance of trade between Nigeria and Japan, Nigerian government has urged a delegation of Japanese firms to invest more in to the Nigerian market as the economy has huge potentials and is rewarding enough.
Speaking at Japanese Business Mission to West Africa Business Seminar and Networking organised by the Japanese External Trade Organisation (JETRO), recently in Lagos, Okechukwu Enelamah, Minister for Industry, Trade and Investment, represented by Yewande Sadiku, Executive Secretary/CEO Nigerian Investment Promotion Commission (NIPC), said the government is conscious and it is thriving in its goals of making Nigeria investment destination in Africa.
According to the minister, the government recently set up the ease of doing business committee because of its focus of ensuring that those who invest in Nigeria do so in a conducive business environment.
JETRO is a government-related organization that works to promote mutual trade and investment between Japan and the rest of the world. Originally established in 1958 to promote Japanese exports abroad, JETRO’s core focus in the 21st century however, has shifted toward promoting foreign direct investment into Japan and helping small to medium size Japanese firms maximize their global export potential.
Speaking further on the investment push of the government, the minister said development of Nigeria’s economy could trigger development across Africa because of Nigeria’s unique position on the continent.
According to her, Nigeria is a force that cannot be ignored in Africa because of its large growing population, and it is expected that by 2025 Nigeria will control 15 percent of household consumption drive in Africa.
Susumu Kataoka, Director General, Japan External Trade Organisation (JETRO) Paris and Head of the Mission, said the balance of trade between Nigeria and Japan currently stood at $30billion According to Susumu, JETRO’s main objective is to deepen relation between Japan and Nigeria towards promoting trade and investment between both countries.
Susumu said, “Japan economy did not grow because it has a population of about 130 million, but because they made efforts to grow outside Japan”. The JETRO business delegation to Nigeria comprises of 17 individuals from 14 Japanese companies across 8 countries.
JETRO has provided product evaluations, collected information on local businesses and products, and offered guidance on improving local product quality and gaining access to the Japanese market. Through this, JETRO has promoted West African exports to Japan and Japanese companies’ efforts to diversify their supplier network.
JETRO works to assist Nigerian products in gaining increased access to the Japanese market. The organisation focuses on food products that hold promise as exports to Japan, as well as processed fruit products thought to be in high demand in the Japanese market.
By Seyi John Salau
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