Nigeria, Japan trade volume now $10bn – Japanese Envoy

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The Japanese Ambassador to Nigeria, Matsuyama Kazuyosh, has said his country’s trade volume with Nigeria is in the region of $10 billion.

Kazuyoshi, however, said efforts are already geared towards improving the trade relations.

The envoy disclosed this on the 64th birthday of the Emperor of Japan, Naruhito.

He said, “Currently, Japan and Nigeria as of today have a trade volume of $10 billion.”

The envoy while insisting that it is not a good data given the potential of both countries, said there is a need to expand trade relations between both countries.

He said, “I feel the potential of Nigeria, rich in mineral resources and also rich in talented youth, we need to expand trade and investment to Nigeria.”

The envoy said further that Japan is looking forward to deepening the existing cooperation between both countries.

He said, “Japan looks forward to further deepening its cooperation with Nigeria, despite the various challenges we both face.

“Japan is facing unprecedented population ageing and decline and Nigeria is facing an economic crisis.

“But Japan has its advanced technology, and Nigeria has its rich human and natural resources, they complement each other.

“So together, united as one, we can become a formidable force for a better future.

“Just as the Japanese people continue to “Build Back Better” after every natural disaster, each time we come together, we learn from each situation and each other.

“In this way, we can overcome anything, especially as 2024 is the Year of the Dragon in Japan—a symbol of courage, strength, and wisdom. With these qualities and our unwavering unity, we will triumph over any obstacle in our path.

“So here’s to another year of deepening friendship, fruitful cooperation, and shared prosperity between Japan and Nigeria.”

He also revealed that there are scholarship opportunities for Nigerian students to school in Japan.

He said there are also exchange programmes in place.

The Ambassador said currently no fewer than 51 Japanese companies operate in Nigeria.

He said his country is working with the Nigerian government to address the challenges inhibiting Nigeria’s investment climate.

According to him, “So there are many challenges but now we are working together with Nigerian government to overcome that kind of challenge to Japan and Nigeria companies.

“In many ways, Japan is rich in technology, so that technology can help Nigeria to overcome those kinds of challenges. So, I think that Japan and Nigeria should be united together to overcome challenges to promote more trade and investment between Japan and Nigeria.”

On his part, the Deputy Speaker, Nigeria House of Representatives, Benjamin Kalu, called for the deepening of Nigeria-Japan relations.

Kalu also assured the Japanese Ambassador and investors that the National Assembly is ready to remove any impediment to the ease of doing business in Nigeria, through the legislative instrument.

He said, “As you know, we are the home for primary products but it’s about time we use their technology (Japanese) to add more value to our primary products.
“Lots of resources are here, Japan is blessed with technology and they have been doing well with assistance, communication, equipment and the rest of them, we want them to do more.”

“Every legislative impediment that will affect investors coming into our country will be removed.

“We are willing to fine-tune the laws to ensure legislative interventions that will give more confidence to invest in us.”