▪︎Dr Jumoke Oduwole, Minister of Industry, Trade and Investment
Chief of Taiwan Mission at the Taipei Trade Office in Nigeria, Andy Yih-Ping Liu, says that the trade volume with Nigeria has enormous potential for growth as many Taiwanese investors are waiting for the renewal of the bilateral agreement, which would provide a legal framework for the protection of investments.
The trade volume between Taiwan and Nigeria currently stands at $400 million. ” The trade volume of $400 million is infinitesimal compared to the $226 billion with China, it can be improved upon with the renegotiation of the bilateral relation, which has been pending for the past 34 years,” said Andy Liu.
During a media parley in Lagos, the envoy disclosed that a proposal had been sent to President Bola Tinubu on the need to renew the agreement to boost Nigerian-Taiwan relations.
He said the three ministries of industry, trade, foreign affairs, and justice in Nigeria could liaise with the Taiwanese government to finalize the renewal of the trade pact. Liu also called for the resumption of annual governmental negotiations between Nigeria and Taiwan on a permanent secretary level. He, however, stated that negotiation is still ongoing with the Federal Government of Nigeria on the renewal of the pact.
The envoy added, “ The appropriate ministries have been very responsive to its proposal. Both sides have negotiated quite extensively, almost finished all the negotiations. Now it needs to be signed by both missions. I would sign on behalf of my government and your mission in Taiwan would sign on behalf of your government. Both sides sign and exchange.
“That’s it. That means Nigeria is serious enough to attract Taiwanese business people to come to Nigeria to do long-term investment and short-term trading.
So, we urge your federal government to finalize the signature of the agreement for mutual investment protection. Without that agreement, our people might not have the confidence of the Nigerian government to protect the investment.